Gold under pressure! Will it keep losing ground?
The precious metal took quite a hit for the last couple of days. Indeed it lost more than a hundred dollars per ounce since September going literally against it's seasonal end of year rally.
Many different drivers are pushing the price of Gold lower, one being the prospect of further rate hikes upcoming in 2018, others being capital flight to other safe heaven assets (Bitcoins is the new Gold!), and more realistically the general risk on sentiment on the equity market (will it last for long?)
From a technical point of stand point, the price broke a couple of technical supports, not only an oblique medium term support but also the low of the bearish flag formation (see chart) confirming bearish continuation. Based on this technical pattern we can also establish a target for this new leg down found at 1220/ounce. This target level is also found in confluence with another long term key support in place since December 2015 (see chart).
Many different drivers are pushing the price of Gold lower, one being the prospect of further rate hikes upcoming in 2018, others being capital flight to other safe heaven assets (Bitcoins is the new Gold!), and more realistically the general risk on sentiment on the equity market (will it last for long?)
From a technical point of stand point, the price broke a couple of technical supports, not only an oblique medium term support but also the low of the bearish flag formation (see chart) confirming bearish continuation. Based on this technical pattern we can also establish a target for this new leg down found at 1220/ounce. This target level is also found in confluence with another long term key support in place since December 2015 (see chart).
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