Gold's Beating May Be Nearing an End - Bloomberg Intelligence
Tuesday, 14 August 2018 04:44 WIB | GOLD CORNER |Gold OutlookGold Corner

It has been an awful summer for gold.

And just when things could not get any worse for the yellow metal, prices dipped below $1,200 an ounce in early trading Monday morning -- a nearly 1.5-year low.

So does this mark the final leg down and the end of the pain for many gold investors?

œSomeday, at some point, it will happen, said Mike McGlone, commodity strategist for Bloomberg Intelligence in an interview on Friday. œHave we reached the point of maximum loss of faith? We may be pretty close, McGlone added.

Gold prices are down and hit a nearly 1.5-year low as they fell below key chart support at $1,200.00. Silver futures prices dropped to a more-than-two-year low overnight. A surging U.S. dollar index is trumping currency market turmoil to drive the precious metals markets lower.

"If the history of compressed gold prices is a guide, the dollar should be peaking, with the potential for higher gold prices far outweighing downside risks. It's been about two decades since gold sustained a narrower 24-month range, McGlone said.

And while a stronger dollar and U.S. economic growth are hurting bullion's appeal, concerns that Turkey's financial crisis could spread may give the metal a reversal of fate. "Gold's short-cover risks are elevated. The setup, with prices near key support and near-record-short net positions, is a recipe for a sharp rally and potential longer-term bottom," McGlone said.

Technically, gold bears have the solid overall near-term technical advantage amid a price downtrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close in December futures above solid resistance at $1,230.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,150.00.

Source: Kitco

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