Gold

Gold: Infinity Trading technical analysis suggests Gold futures may extend a slump to as low as US$1,538/ oz, the cheapest since May, as moving averages signal a “death cross”. Notes, the trend and the mood has turned negative, and selling may gather momentum if prices fall below the cross. The house says, gold may drop as much as 4.4% from the Feb. 15 settlement of US$1.609.50 on the Comex if the 50-day moving average falls below the 200-day measure. Last week, the price tumbled 3.4%, the most since June, after filings showed billionaire investor George Soros cut his stake in ETF pdts backed by gold in 4Q. The death cross forms as a short-term moving average falls below a long-term measure. On Feb. 15, the 50-day average was US$1,672, and the 200-day measure was US$1,665. The first bearish target is US$1,550, and the next is US$1,538.