(Bloomberg) -- Gold’s rally since the start of the year, which returned as much as 19% at its peak, may be petering out now, technical charts show. Any setback should be viewed as a correction, but could see the precious metal slide initially toward its 21-day moving-average price at $1,185 an ounce, Bloomberg Technical Analyst Sejul Gokal writes.

The so-called moving-average convergence-divergence, known as MACD, is poised to cross lower this week for the first time since early December, when gold spot price traded around $1,062. The metal is now trading near $1,227.

Register or login for access to this item and much more

All Bank Investment Consultant content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access