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Gold Goes Off Charts as Gartman Sees Prices for Metal Heading ‘Parabolic’
Aug. 22, 2011 04:06PM PST
Precious MetalsBloomberg reported that some analysts think gold is overbought and prices could decline.
Bloomberg reported that some analysts think gold is overbought and prices could decline.
The market news is quoted as saying:
“I think we’re overextended in the short term,” Axel Rudolph, a technical strategist at Commerzbank AG in London, said by phone. “I wouldn’t be surprised if we were to fail around $1,900 to $1,922 and retrace a little bit for a few days or so. It’s still very bullish longer term.
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