Cast our minds back to when gold failed at resistance after Lacker and some of his esteemed regional Fed colleagues hinted that data dependent maybe didn’t mean what markets previously thought that it did.
That was the largest single day fall in just under three years for gold and as we flick back to the present, you can see it was barely just the beginning!
XAU/USD Weekly:
The weekly chart shows that the move shouldn’t really be that much of a surprise, with price failing at a key technical level and the continuation being nothing more than a resumption of the higher time frame trend.
XAU/USD Daily:
Zooming in again to the daily and you can really see the damage that’s been done following that technical failure.
Is this where the falls in gold stop, or are we heading back to weekly swing lows?
Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Forex broker Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, forex news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and FX broker Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.