Based on technical charts, gold could see further selling and in the short-term there’s the possibility of prices falling under $1,500 an ounce, says Commerzbank. Weakness of that magnitude would likely be driven by investors in the futures market, they add. Friday’s CFTC data should show the beginning of speculators reducing their net long positions. “That said, investors with a medium- and long-term view are remaining loyal to gold, and gold ETFs are still showing no outflows. In our view, bargain hunters are soon likely to take advantage of the low price levels,” the bank says.
Thursday, 15 December 2011
Gold Could See Further Downside; So Far Long-Term Holders Stand Pat – Commerzbank
Based on technical charts, gold could see further selling and in the short-term there’s the possibility of prices falling under $1,500 an ounce, says Commerzbank. Weakness of that magnitude would likely be driven by investors in the futures market, they add. Friday’s CFTC data should show the beginning of speculators reducing their net long positions. “That said, investors with a medium- and long-term view are remaining loyal to gold, and gold ETFs are still showing no outflows. In our view, bargain hunters are soon likely to take advantage of the low price levels,” the bank says.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment