Gold (XAU/USD) slips for a 10th session, breaking the 0.236 Fibonacci level. Is a crash to the $4,111 support imminent as the US dollar gains strength?
Saudi Arabia Gold price today: Gold falls, according to FXStreet data
Philippines Gold price today: Gold falls, according to FXStreet data
United Arab Emirates Gold price today: Gold falls, according to FXStreet data
Pakistan Gold price today: Gold falls, according to FXStreet data
India Gold price today: Gold falls, according to FXStreet data
Malaysia Gold price today: Gold falls, according to FXStreet data
Gold today reversed up from the support zone between the support levels 4400.00 (low of wave (A) from February)), 4275.00 (low of wave 4 from December) and 50% Fibonacci correction of the upward impulse from last year.
Persisting negative sentiment, which drove the price for 10% drop last week (the biggest weekly loss in decades) was additionally boosted by growing expectations of rate hikes as strong rise on oil prices fuels inflation in its domino-effect to global economies that keeps major central banks on high alert and makes the metal less attractive for investors.
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For precious metals traders, this environment is close to perfect.
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