Gold stalking critical level

Gold is at a four-week low.

The market is offloading the precious metal after support broke in the $1705/1700 zone.

The 100-day moving average looms large as the next level of support. A failure points to a swift move down to $1670.

Author: Adam Button

Adam Button is the editor of ForexLive™. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes deeply in the value of knowing every tidbit of news. He has a background in journalism and was formerly the head of the markets team at the Canadian Economic Press. He is a graduate of Ryerson University and completed Level 1 of the CFA program. Adam lives in Montreal, follow him on Twitter: @FX_Button.

11 Comments

  1. Good morning Adam. Strange sight today.. gold, silver, oil going down but stocks and euro on a rampage.

  2. Good morning, Adam. At what point would declare a “double top” on the USD/JPY daily chart – if the pair pushes through USD/JPY 81.678?

  3. I’m almost ready to say it now Solange. We could be on the cusp of a hefty squeeze.

  4. The correlations be broken’ … the good news is that usually means a period of volatility is near.

  5. Good morning Adam, NZD and AUD go high, despite of gold low?

  6. Thanks, Adam. BTW, Bill Gross just released his monthly memo. Since he opines that oil and commodities one of the very few ways to go in the future, you may wish to read the whole thing: http://www.pimco.com/EN/Insights/Pages/Strawberry-Fields-Forever.aspx

  7. Some chatter on CME affecting gold price… any idea whats going on? unable to get much details

  8. I can’t see them raising margins now so I doubt it’s the CME

  9. Thanks. Heard there are ACBs gold bids at 1625 with Korean CB the notable one… you think we might get there? looks way far of from present price

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