Gold under pressure! Will it keep losing ground?

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
The precious metal took quite a hit for the last couple of days. Indeed it lost more than a hundred dollars per ounce since September going literally against it's seasonal end of year rally.
Many different drivers are pushing the price of Gold             lower, one being the prospect of further rate hikes upcoming in 2018, others being capital flight to other safe heaven assets ( Bitcoins             is the new Gold!), and more realistically the general risk on sentiment on the equity market (will it last for long?)

From a technical point of stand point, the price broke a couple of technical supports, not only an oblique medium term support but also the low of the bearish flag formation (see chart) confirming bearish continuation. Based on this technical pattern we can also establish a target for this new leg down found at 1220$/ounce. This target level is also found in confluence with another long term key support in place since December 2015 (see chart).

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out