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Can Anything Help Gold Prices Anymore?

ByAdmirals
Published 12/19/2013, 06:00 AM
Updated 01/31/2022, 02:45 AM

Gold took the Fed’s decision very badly. The decision that traders made was quite different from the one during the NFP release. Yesterday’s drop gave us clear technical signs and allowed us to come back to the long-term bearish view on this pair. Technically, the price broke the lower line of the triangle (black lines). The lower black line can also be considered as a neckline because since the beginning of December, traders managed to form both shoulders and a head. The closest horizontal support was the 1,222 USD/oz. mark. It was broken yesterday and then defended as a resistance during the Asian session.
Gold
The European session started with a price attacking lows from the 4th of December. This level can bring us a minor bullish retracement. Even if the price stops for a while, it will not change the long-term sentiment, which is negative again.

Latest comments

The problem is that most mines can not produce gold under 1.100 $/ oz. and therefore this number is a limit
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