A close in spot gold below $1679 on Wednesday adds further downside pressure to this precious metal. At the moment, gold is not responding to the economic conditions around us. The recent liquidation in gold triggered a red weekly Trade Triangle. Today’s Chart Analysis Score of -60 indicates that gold is in a trading range. A Fibonacci retracement of 61.8% takes gold back down to $1,634. This market is now in an oversold condition. Long term traders should remain positive for this precious metal. Intermediate term traders should be out of this market at the moment and on the sidelines waiting for a buy signal.
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