Gold price: What future holds for you?
Goldman Sachs is no longer telling investors to bet against gold.
After an 11 % tumble in gold prices over the past two weeks, Goldman is now telling clients to take profits and move on, even as it expects prices to keep falling throughout the year.
“We have closed our recommendation to short COMEX Gold, as prices moved above the stop at USD 1,400/toz. We have exited the trade significantly below our original target of $1,450/toz, for a potential gain of 10.4%. The move since initiation was surprisingly rapid, likely exacerbated by the break of well-flagged technical support levels. Our bias is to expect further declines in gold prices on the combination of continued ETF outflows as conviction in holding gold continues to wane as well as our economists’ forecast for a reacceleration in US growth later this year.”
Ajeet Kumar/Reema Sharma
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