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Gold: Downside bias persists as follow-through remains limited – UOB
A one-year low near $3,870 on 30 October followed spot gold’s break below $3,943, after the metal breached an ascending trendline on 22 October. United Overseas Bank’s (UOB) Quek Ser Leang says gold remains under pressure, with strong downward momentum pointing to the risk of further losses towards $3,700. The bank nevertheless considers a sustained decline below that level unlikely.
Gold faces further downside towards $3,700
"While spot gold broke the trendline mentioned above on 22 October, there was little follow-through initially."
"Last Friday, however, it broke below $3,943 in a sharp move and dropped to a one-year low of $3,870."
"While the decline is entering oversold territory, strong downward momentum suggests there is scope for gold to decline further to $3,700."
"At this stage, the odds of a continued decline below $3,700 are not high."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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