Cast our minds back to when gold failed at resistance after Lacker and some of his esteemed regional Fed colleagues hinted that data dependent maybe didn’t mean what markets previously thought that it did.
That was the largest single day fall in just under three years for gold and as we flick back to the present, you can see it was barely just the beginning!
The weekly chart shows that the move shouldn’t really be that much of a surprise, with price failing at a key technical level and the continuation being nothing more than a resumption of the higher time frame trend.
Zooming in again to the daily and you can really see the damage that’s been done following that technical failure.
Is this where the falls in gold stop, or are we heading back to weekly swing lows? Mention @VantageFX on Twitter and share your own chart.
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Dane Williams – @VantageFX
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