Gold extends decline to $70

Technical Analysis

Gold down more than $100 in three days

Gold jumped to start the year but it’s crumbled since the Senate election. The market is signaling that higher US rates and better growth will diminish demand for gold.

Technically, the 61.8% retracement of the rally since November clocks in at $1839.

For bank trade ideas, check out eFX Plus

Articles You May Like

Australian Dollar remains subdued following Westpac Consumer Confidence
Singapore Airlines shares fall 6% as profit nearly halves amid intensifying competition
Market trading guide: Motilal Oswal, KIMS among 5 stock recommendations for Monday
What technical levels are key for the major currrency pairs for the week starting Nov 11
China October CPI +0.3% y/y (expected +0.4%, prior +0.4%), deflation prospect lingers

Leave a Reply

Your email address will not be published. Required fields are marked *