TechFlow News, July 17, according to Cailianshe, on Thursday US Eastern Time, Bank of America's technical strategists warned that the correction in gold this year may still have significant room, and its trend may resemble the devastating bear markets that emerged after significant gold price surges in 1980 and 2011. They proposed a phased buying strategy, suggesting that full allocation should only be completed when the gold price falls to the $3,450 to $3,250 range.
Bank of America analysts pointed out in a technical research report that current gold prices have converged a series of bearish signals, and the risk of continued decline is growing: death cross pattern, elevated net long positioning levels, warning top candlestick patterns, TD sequence exhaustion signals, and the RSI indicator reached 90 at recent highs—a level consistent with the gold price tops in 1980 and 2011.
