Gold Dives Amid A Broad Sell-Off In Commodity Markets
Gold is under strong pressure as traders focus on rising Treasury yields and prepare for hawkish comments from Fed Chair Jerome Powell. The Fed will announce its Interest Rate Decision tomorrow.
In case gold settles below the support at $2295 – $2305, it will head towards the next support level at $2190 – $2200.
Gold breaks down from a bear flag on Tuesday with a drop below Monday’s low of 2,320. The decline may see a repeat of the drop that followed the 2,431-record high. It was followed by a decline to a low of 2,291, essentially reaching the 50% retracement. A measured move of the second decline, from the top of the flag, matches the first decline (purple arrows) at 2,212.
This is the same as a falling ABCD where the pattern is identifying symmetry between swings. The 2,212-price level is within a price range from 2,218 (50-Day MA) to 2,208 (50% retracement). Since the 20-Day MA has been busted, the 50-Day line becomes an obvious eventual lower target.
In case gold settles below the support at $2295 – $2305, it will head towards the next support level at $2190 – $2200.
Gold breaks down from a bear flag on Tuesday with a drop below Monday’s low of 2,320. The decline may see a repeat of the drop that followed the 2,431-record high. It was followed by a decline to a low of 2,291, essentially reaching the 50% retracement. A measured move of the second decline, from the top of the flag, matches the first decline (purple arrows) at 2,212.
This is the same as a falling ABCD where the pattern is identifying symmetry between swings. The 2,212-price level is within a price range from 2,218 (50-Day MA) to 2,208 (50% retracement). Since the 20-Day MA has been busted, the 50-Day line becomes an obvious eventual lower target.
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