Gold 93887 has given V patten inside raising flag pattern. Based on chart formation we find the move could be a possible trap with 90587. We expect Gold to drop to test 90587 initially before the flag pattern break down and drop down to our earlier target .
News : supply of gold has increased, demand has decreased. Central banks worldwide are expected to slow their pace of acquisition. According to a survey by the World Gold Council, 71% of central banks plan to either reduce their gold reserves or maintain current levels.
Liquidity Concern :"We're getting a lot of stress in the gold market because of liquidity concerns and margin covering by speculators," said Bart Melek, head of commodity strategies at TD Securities.
News : supply of gold has increased, demand has decreased. Central banks worldwide are expected to slow their pace of acquisition. According to a survey by the World Gold Council, 71% of central banks plan to either reduce their gold reserves or maintain current levels.
Liquidity Concern :"We're getting a lot of stress in the gold market because of liquidity concerns and margin covering by speculators," said Bart Melek, head of commodity strategies at TD Securities.
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