Gold Due to Fall to $1,250/Ounce, After Forming Symmetrical Triangle: Technical Analysis

Bloomberg reported that, according to technical analysis from  Bank of America Corp., gold is poised to plummet to $1,250 an ounce over the next month.

As quoted in the market report:

Bullion for immediate delivery will drop to as low as $1,250 an ounce over the next month after the “well-defined, symmetrical triangle” it formed since April 16, MacNeil Curry, chief of rates and currencies technical strategist at Bank of America in New York, said by telephone yesterday. That would be the lowest level since September 2010.

To view the whole Bloomberg report, click here.