Bear bug hits gold!!! CMP - $1150; target $1000 :: ICICI Securities,

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Bear bug hits gold!!! CMP - $1150
Global commodity prices have remained in a downward spiral since mid-2014 amid worries over economic growth in China
and Europe. The recent positive economic data out of the US and prospects of higher US interest rates from next year pushed
the dollar to a two-year high against the euro, keeping the precious metal’s complex close to multi-year lows as investors
showed better risk appetite and stayed away from the traditional safe-haven commodity. The strength in the dollar, the new
wave of stimulus out of Japan and expectations that Europe may follow suit are all providing headwinds for bullion. In this
report, we review the long term price charts of gold to gauge the future course of direction.
¾ Pressure on gold price to continue: International spot gold prices plummeted to four-year lows during this week. In the
process, they breached the yearly low of 2013 ($1180). The violation of yearly lows signals a shift of trend from sideways
to negative and opens up further lower avenues for prices towards $1000 levels over a medium-term horizon

LINK
http://content.icicidirect.com/mailimages/IDirect_GoldOutlook_Nov14.pdf