Gold In Trouble

Since the fed announcement we can see that the market has been heavily influenced. Gold has not been doing very well lately, and with the fed news, things just got worse for gold.

When you take a look at the chart you can see that we have now breached the 1300 level, which is a good psychological level, and gold has also broken what we term a descending triangle too with the support being just above the 1300 level.

That would mean a double confirmation that we will soon see lower prices in gold.

gold in descending triangle pattern

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