Forex Trader

After huge daily falling flag (October/November) in which gold was driven as a roller coaster, sellers have finaly decided to go lower in December. As we can see, strong support at 1260/65 is broken today and that level is 61.8 fibo return from July 10. (1204.75) > August 09. (1357.44) growth. Weekly MA100 at 1256 is broken today as well and it’s possible for gold to close the week bellow the moving average line. Could this be the sign of free fall toward 1204? It could be, while the precious metal doesn’t show any signs of recovery for now. 1240 could be the next target for sellers, while the 1204 could be the next tempting target for them, the 100% fibo return. We didn’t analyse gold since August 17. because there was not much to analyse seriously. FED possible rate hike comes on December 13. and that could affect negatively on gold additionally. What’s you view traders?