Gold Retracement Before Drop

OANDA:XAUUSD   Gold Spot / U.S. Dollar
The beginning of October saw Gold             making a bearish break of the descending triangle following positive data from the US to support a December rate hike. Since then, Gold             has slowly retraced and is now hovering around the 200 day moving average. As India begins its Diwali festival and continues through the wedding season, Gold             demand is expected to increase. Along with this, a rate hike is not expected in the US until after the presidential election. This supports a short term upwards movement of gold             and a retest of the broken trend line before a drop towards 1200 dollars.

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