16/12/2011
Gold may drop below $1,500 an ounce in the “short term,” said Daniel Briesemann, an analyst at Commerzbank AG in Frankfurt, who is forecasting an average of $1,800 next year. “Gold is not a safe haven at the moment,” he said.
The metal plunged as much as 20 percent in the three weeks through Sept. 26 as investors sold to cover their losses elsewhere, before rebounding as much as 18 percent in the following six weeks. The September plunge halted at the metal’s 200-day moving average. Two days ago, gold closed below that measure for the first time since January 2009.
That move means prices may tumble to $1,400 “in a hurry,” said Dave Lutz, head of exchange-traded-fund trading and strategy at Stifel Nicolaus & Co. in Baltimore. Gold may drop to $1,550 before rallying to as high as $2,400 in the second half of next year, Citigroup Inc.’s CitiFX Technicals predicted in a report Dec. 14
