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Gold hits fresh 6-month low

The yellow metal extended losses into a sixth consecutive day on Wednesday and broke decisively below $1600/oz, sliding toward its lowest in nearly 7 months before finding support while investors await the minutes of the latest FOMC meeting.

Gold fell further during the New York session and set a low of $1578.22 an ounce amid broad USD strength and soft market sentiment. At time of writing, the yellow metal trades around $1584/oz, where it is 1.3% below its opening price.

"Loss of 1600 handle increases downside risk towards critical 1530/20 support zone, multi-year range floor, as the price broke below double-Fibonacci support at 1590, Fib 76.4% of 1526/1920 and Fib 138.2% expansion of the wave from 1653, with immediate focus at 1582, Fib 161.8% expansion", said Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Dominating negative tone on lower and larger timeframes studies, keeps the downside favored, as indicators continue to point lower, despite oversold conditions".

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