Gold Longest Below 200-Day Average Since ’01: Technical Analysis – Bloomberg 07-15-13

Salient to Investors:

Gold has been below its 200-day moving average since February 11, the longest streak since the 8 months to March 2001.

Last week, holdings in gold ETPs fell 25 percent since peaking in December to the lowest in more than 3 years.

Clive Lambert at FuturesTechs.com said gold is in a downtrend in the short and medium term, with resistance in the $1,285 to $1,300 area and support in the $1,120 area. Lambert said a break below $1,120 means a potential further drop to $890.

Barclays says resistance is in the $1,320 to $1,340 area and a climb above $1,522 would be needed to provide a more bullish outlook, while a drop below $1,180 could push prices toward $1,150 to $1,100.

Read the full article at  http://www.bloomberg.com/news/2013-07-15/gold-longest-below-200-day-average-since-01-technical-analysis.html

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