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Gold: Limited follow-through as downside bias persists – UOB
$3,700 is in focus as spot gold faces further downside risk. United Overseas Bank’s (UOB) Quek Ser Leang points to strong downward momentum, though the bank sees little likelihood of sustained losses below that level. Gold remains under pressure after breaching an ascending trendline on 22 October, then dropping below $3,943 to a one-year low near $3,870 on 30 October.
$3,700 in focus as gold extends its decline
"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. Find out more.)
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