Gold sell-off accelerates after breaking the support at 1740.8💲
Just before the start of the US session, the gold price fell sharply and broke below the support around the $ 1740.8. As can be seen in the chart below, a bottom shadow is currently forming, which poses a risk of a rebound. However, if the price remains below the aforementioned level of $ 1740.8 (which should now act as resistance), a deepening of the sell-off is possible. The $ 1729 zone should be considered as major support, and is marked with earlier price reactions and 78.6% Fibonacci retracement.
GOLD interval M15. Source: xStation5
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
