Though some analysts see further declines, others see the huge price drop as a bargain.
Others warned that more downside is likely in store after Tuesday's technical damage.
With gold’s previous floor at $1,300 broken, prices could drop to $1,265, or even $1,240, before climbing back toward 52-week highs, said Koos. Prices topped $1,370 in August, which was the highest settlement since March 2014.
“The next floor of support sits right below the $1,265 level, a bottom which printed back in June at the Brexit lows,” Koos said. “If price falls through that floor, the last line of defense is $1,210. If broken, price could test the January lows [under $1,100], which would be bad news for the gold bugs.”
Traders should look at buying gold around the current level, with a stop at $1,265 (a stop-loss of roughly -1.6%),” he said. “Longer-term investors who want to give it more wiggle room can use the $1,210 level, which would represent a worst-case scenario loss of only -5.9% from here.”
https://finance.yahoo.com/m/b875d91a-240c-32df-9fb2-d56aa8a33991/the-main-gold-etf-just.html
