Momentum favours further downside even if the bullion bounces from $1,800, analyst says
Bengaluru — Gold edged up on Monday from a more than three-month trough hit in the previous session, as lower US Treasury yields kept demand for zero-yield bullion afloat above the key psychological support level of about $1,800 per ounce.“With $1,800 being such a big round number, it's natural for it to provide some level of support as some [traders] try to be brave and buy a dip, while others close out profitable shorts,” City Index's senior market analyst Matt Simpson said.
“But it's not looking great for gold bugs right now. Even if we do see a bounce from $1,800, the momentum clearly favours a further downside,” Simpson said.
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