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Gold extends losses into a second day

FXStreet (Córdoba) - Gold plummeted below $1,150.00 a troy ounce, extending its post-Fed decline. Despite the FOMC decided to leave its rates on hold near record lows, the change in the language seen last Wednesday suggest a hike in December is likely, forcing gold buyers to unwind positions.

Gold technical view

“The commodity has fallen below the 50% retracement of this month rally, and the daily chart shows that the technical indicators maintain a strong bearish momentum well into bearish territory, supporting further slides for this Friday”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators maintain their bearish slopes near oversold readings, whilst the 20 SMA has turned sharply lower well above the current level, in line with the longer term view. The bright metal has a strong static support around 1,142.50, and a break below it should favor a steady decline towards the next strong midterm support around 1,110.00 during the upcoming sessions”.

Bednarik locates next support levels at 1,142.50, 1,135.50 and 1,128.60. On the other hand, resistances could be found at 1,153.40, 1,161.80 and 1,170.90.

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