Gold Rally May Peter Out as Multi-Week Pullback on Horizon: Analysis
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Gold’s rally since the start of the year, which returned as much as 19 percent at its peak, may be petering out now, technical charts show. Any setback should be viewed as a correction, but could see the precious metal slide initially toward its 21-day moving-average price at $1,185 an ounce, Bloomberg Technical Analyst Sejul Gokal writes.
The so-called moving-average convergence-divergence, known as MACD, is poised to cross lower this week for the first time since early December, when gold spot price traded around $1,062. The metal is now trading near $1,244.