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Gold: Downside Bias Persists Despite Limited Follow-Through – UOB
Spot gold faces further downside pressure, with United Overseas Bank’s (UOB) Quek Ser Leang highlighting the break below an ascending trendline on 22 October, followed by a fall below $3,943 to a one-year low near $3,870 on 30 October. While strong bearish momentum points to a possible further decline towards $3,700, the bank considers sustained losses below that level unlikely.
Could Gold’s Decline Extend to $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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