Gold falls to seven-month low below $4,000 on rising Fed hike bets, traders brace for US PCE data
As the trading week moves forward, one of the most relevant developments across financial markets has been the continued weak.
Gold broke below long-term trendline support and a key Fibonacci level, increasing the risk of a deeper correction while leaving bulls with important resistance to reclaim.
Silver and platinum test new lows amid falling demand for commodity-related currencies.
The dust has now settled after last week's Federal Reserve meeting, and the U.S. dollar's move above 101 appears to be driving the final leg lower in precious metals into July.
Gold continues to plunge on Wednesday, as we are seeing the correlation between falling rates in the USA and prices rising in the gold market. At this point, gold looks very vulnerable.
Gold prices have dropped 4% since the Fed meeting as traders price in three rate hikes. With PCE data ahead, bears are targeting key support at $3,886.
Gold: Slower grind higher as forecasts cut – ING
Gold bears target $4,000 as stronger US Dollar and Fed rate-hike bets weigh
Gold Price Forecast: XAU/USD heads for the $4,000 level as US Dollar marches higher
our previous projection for Gold still valid as market managed to meet targets 4100 and 4025-50 Gold has chance for rebound correction movement that may lead toward 4175 Traders should watch zone of 3990-4000 where as long as Gold holding trades above it a chance for rebound correction movement may hit any time. Below 3990 […]
Gold: Fed expectations keep prices vulnerable – ING