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Bearish trend in gold likely to continue - Blackwell Global

FXStreet (Łódź) - Alex Gurr, analyst at Blackwell Global Investments Limited believes that gold price should continue sliding this week.

Key quotes

"Gold markets have taken a large dive over the recent week, as the currency war has heated up with Bank of Japans recent move, which in turn has led to large gains for the US dollar. This trend looks likely to continue and this week could see us touch in the low 1150-1100 range quite easily, a few of these catalysts which I believe will cause it can be found below as well as a quick recap of which things are improving in the U.S."

"Gold on the charts bears the scars of that USD strength. But what is key is that the 1180 floor, which has been in play for some time has now failed, and the market looks hungry to take further swipes out of the price of gold."

"With no further events likely to prop up the price, bar the odd minor pullback. We could certainly see long term trending of gold prices down to record lows and even back to 1000 dollars a troy ounce."

"When targeting key support levels I would aim for 1160, 1149 and 1132; with 1132 acting as hard support in the market. But even that might not be able to stand up to a solid non-farm payroll. Overall, there is room for further drops lower and traders should remain bearish in the short term, especially with the recent strong US data results."

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