7 Nov 2014
Gold drops sharply, new multi-year low
FXStreet (Bali) - Gold just dropped $9 in the blink of an eye, printing a new multi-year low at $1,132.00.
After breaking below $1,160.00 key support area, the bearish bias in gold has been reinforced, with all the timeframes aligning for a continuation of the downtrend, as the market continues to price in early Fed rate hikes.
According to Chris Capre, Founder at 2ndSkies: "A break below the current yearly lows ~1139 put 1000 and 1070 under focus." The main interest for Gold traders today will be the US NFP outcome, in which solid figures are expected for October.
After breaking below $1,160.00 key support area, the bearish bias in gold has been reinforced, with all the timeframes aligning for a continuation of the downtrend, as the market continues to price in early Fed rate hikes.
According to Chris Capre, Founder at 2ndSkies: "A break below the current yearly lows ~1139 put 1000 and 1070 under focus." The main interest for Gold traders today will be the US NFP outcome, in which solid figures are expected for October.