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XAU/USD: Monday's closing below key Fib level points to further weakness

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold prices in terms of the US dollar (XAU/USD) extended the downward spiral into a fourth day on Monday and remained submerged in the red at fresh monthly lows of 1132.40. On daily charts, the prices fell below most major moving averages and closed at 1133.33, below the key Fib 61.80% (retracement of Sept 11-Oct 15 rally) level located at 1133.95. The ongoing Dec Fed rate hike speculations were further boosted by the above estimates US manufacturing PMI reports from both Markit as well as ISM

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