Gold may slip lower than $1550/oz: Richard Ross

In an interview to CNBC-TV18, Richard Ross, Global Technical Analyst at Auerbach Grayson shared his views on equities and gold.

Ross added that gold has had a hard time going up over the past six months dating back to last September both in good and bad markets or even with a weak and strong dollar. So, there have not been any environments where gold has been working which suggests that the low end of this range is USD 1,550 per ounce. It should better hold there or it could go significantly lower. "For the first time this year we are seeing big percentage point decline in precious metals like platinum and palladium. Of course we know about the breakdown in gold and silver," he said.