Gold spot price: Pundits mostly picking further southbound travel

Moving averages pointing to nearly 6% fall by year-end

Gold spot price: Pundits mostly picking further southbound travel Tuesday, November 19th:_ The XAU/USD yesterday opened at 1289.43 and closed at 1274.11, registering a 1.55 percent loss intraday after the price action had moved between 1289.52 and 1269.93. The drop came following a shooting star candle formation on Thursday and a doji on Friday.

Spot gold also wilted somewhat under the influence of continuing ‘accommodative’ assurances from various spokespersons for the US Fed and rising stock markets, leading to lower demand for the precious metal as an alternative investment.

In today’s trading so far, the quote has reached an intraday low at 1269.07 – the lowest point since 13 November – and high at 1277.58. Right now spot gold is trading at 1276.44.

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Bill O’Neill, partner at Logic Advisors in New Jersey, notes that the XAU/USD 50-day moving average has been under the 100-day MA for the past two trading sessions, indicating that gold futures on the Comex in New York may decline about 5.7 percent by the end of the year, ending near the 1200.00 mark. O’Neill observes that “the market looks very anaemic, … the technicals point towards more weakness

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