MTECHTIPS Gold may retreat to $1,155 levels on breaching $1,321: Technical analyst

MTECHTIPS:-Gold may retreat to $1,155 levels on breaching $1,321: Technical analyst

Technical analysis by an expert suggests that gold futures may retreat to as low as $1,155.80 provided the futures go below the $1,321.50 an ounce in coming weeks. The latter figure is the lowest point gold reached in April 2010.Bloomberg reports that, in the so-called Ichimoku charts, gold's most active contract traded below the 50-day moving average since February, as per Takaki Shigemoto, an analyst at the Tokyo-based company, JSC Corp.With the exception of palladium, prices have struggled across the precious metals complex with gold finding the $1400/oz level difficult to breach.Market sentiment remains negative towards gold with non-commercial Comex gold positions at their lowest since December 2008 and ETP outflows showing little sign of slowing down. Net redemptions have hit 94 tons in May thus far, and once again negative interest is skewed towards the US listed products, with GLD down 58 tons and at its lowest since February 2009.