priyesh
Short

Gold Retracement Before Drop

OANDA:XAUUSD   Gold
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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