Gold prices plunged below $1,300 an ounce to levels not seen in more than two years on Thursday, with investors stung after the Federal Reserve signaled it may reduce the amount of monetary stimulus it provides as early as this year.
âAs a trader said to me a few minutes ago, itâs a bloodbath at the moment, with most technical support levels being broken, we could still see $1,280, then $1,265 being hit today,â said Austin Kiddle, director at Sharps Pixley, in emailed comments.
He said that while he thinks gold should consolidate next week and that July possibly could see a turnaround, âcalling a bottom would be like trying to catch a knife.â
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