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Is Gold Headed Lower? The Charts Say It Is
Gold is down around 23% this year heading for the biggest annual drop since 1981.
On Thursday it plunged below $1,300 for the first time in more than two years and looks set for its worst week since September 2011 after the Federal Reserve signaled it’s getting closer to reducing monetary stimulus as the economy recovers.
Saxo Bank's technical analyst Kim Larsson tells Saxo TV's Sara Walker Gold is now on its way to finally deflate the bubble and we could see Gold down to around 1155 level.
And Silver? well it's down around 10 percent this week. Kim says it's an early prediction of whats coming to Gold. It topped out a few months before Gold and it has already reached the high in the pre-peak from 2008 and is close to the 61.8 retracement of the 2008-2011 bullish trend.
01:15 minutes
Tags: ben bernanke, charting, commodities, commodity, economy, fed, federal reserve, fomc, gold, investment, kim larrson, monetary stimulus, precious metals, sara walker, saxo bank, silver, technical analysis, tradingfloor.com