Trader’s Timeout: Gold Plunges to More than Nine-Month Lows

[kreslik.news]

This article was written by Evdokia Pitsillidou, Head of Risk Management at easyMarkets.

Gold prices have been caught in a death spiral since the November 8 US elections, and recently fell to more than nine-month lows as the US dollar continued to assert its dominance on the foreign exchange market.

Gold futures were down $13.70 or 1.2% at $1,178.70 a troy ounce early Friday, their third consecutive drop and lowest level since early February. The yellow metal has declined a staggering 10% since November 4.

The outlook on gold has shifted from bad to worse. The metal is severely oversold, according to ... (read more)