Gold breaks below $1150

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - Gold is falling more than 2% on Thursday, extending yesterday’s losses. The ounce recently dropped to $1145.70 hitting the lowest since October 9. Currently it trades at $1147.60.

    While gold prices plummeted stocks in Wall Street are falling modestly. The Dow Jones is down 0.28% and the Nasdaq drops 0.45%. The US dollar is falling against European currencies but is up gains the yen and mixed versus commodity currencies. Crude oil is flat, hovering near $46.00 the barrel (WTI).

    Gold retreats or resumes the decline?

    A few days ago, gold was breaking important resistance levels and jumped approaching $1200. Last week it started a bearish correction that now it has accelerated pushing the price below the important $1150 area. From yesterday’s highs it has fallen $35.

    The yellow metal is about to close significantly below the 20-day MA as the downside pressure persists. The next area of relevant support might be seen around $1140, where also the 100-day MA is located.
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