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Gold Analysis: Consolidating before next leg lower, eyes August lows

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold prices in terms of the US dollar (XAU/USD) almost retraced the entire rally seen in the first half of Oct on Wednesday, falling sharply to fresh monthly lows at 1106.41. The renewed sell-off in the yellow metal was triggered yesterday, after it failed to resist the Fib 78.6% levels at 1123.30 (retracement of Oct 2-15 rise). Fundamentally, what led to the $ 15 sharp drop in the bullion can be explained by the Fed Chair Yellen’s hawkish comments while testifying in the last US session.

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