Islamabad
After closing the third week in a row on a negative trajectory by shedding 0.21 percent on a week-on-week basis to reach $1,751.20 per ounce against the preceding week closure at $1,754.80, gold’s near-term outlook seems to be bearish again.
Overall, the gold price has shed around 5 per-cent during the last three weeks and there is a clear bearish shift in gold’s outlook.
From a technical point of view, the average price on the one-week view declined to $1,728 from $1,750 previously, with the majority of experts expecting gold to push lower in the coming week.
Meanwhile, the price of gold increased by 0.31 percent in Pakistan during the last week. —APP
