Gold risks dropping towards $1,400 on technicals: UBS

Gold risks falling towards $1,400 an ounce in the first quarter, according to technical analysis by UBS AG.

“Our technical analyst sees scope for weakness towards $1,447.60 and $1,400 over the first and the second quarters,” the bank said in a report today. “But while the floor is somewhat unclear, we also think a time will come when a gold rush could propel the metal significantly higher than last year’s levels.”

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