Gold News

Gold’s rebound should come to an end as technical’s indicate a downward trend

Gold’s Pool-Position is 48% Long, meaning that most Finotec clients are selling the precious metal

Gold’s rally should end “soon” after it reached a resistance level, Commerzbank AG said, citing trading patterns. The resistance between $1,126.20 and $1,135.50 is made up of the early February high and the 50 percent Fibonacci retracement in the past three months, Axel Rudolph, a technical analyst with Commerzbank, wrote in a note yesterday. Resistance levels are where sell orders tend to be clustered. Fibonacci analysis is based on the theory that prices rise or fall by certain percentages after reaching a high or low. Gold is trading at $1,100 as of 7:48am, GMT, with a bearish trend. Gold’s Pool-Position is 48% Long, meaning that most Finotec clients are selling the precious metal.