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The announcement sparked US Dollar strength which helped to ignite a vicious gold selloff that has seen the precious metal snap its brief uptrend and retake the descending channel that began in August.
Together, the various technical markers create an area of considerable support that, if broken, would constitute a significant shift in the technical outlook.” Evidently, the break beneath $1,850 allowed losses to accelerate considerably and the brief recovery rally has been put to rest.
Suffice it to say, gold may require further support in the days ahead – particularly if the US Dollar continues to show signs of strength.
Dan Nathan, Guy Adami and myself discuss the metal’s fundamental and technical outlook at length in the attached video, check it out for a deeper dive on gold’s current standing.
Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.