Runaway Gold Train | Vantage FX

Runaway Gold Train

December 14, 2016

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!

XAU/USD Weekly:
161214_xauusd_weekly
Click on chart to see a larger view.

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.

XAU/USD Daily:
161214_xauusd_daily
Click on chart to see a larger view.

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.

Do you see opportunity trading gold? Open a LIVE account with Vantage FX and experience the difference for yourself.

Dane Williams – @VantageFX

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