Gold markets have fallen rather hard during the Monday session, raking below the psychologically and structurally important $1680 level again.
Obviously, a few lines on the chart don’t really tell the story, nor did they cause the market to do anything. The interest rates in America climbing had a lot more to do with this than anything else, as higher interest rates tend to make gold less appealing as there is no return on gold other than price appreciation.
We are in a downtrend, and that’s probably the most important thing to pay attention to, because trends don’t change rapidly. In other words, I think you continue to fade rallies and show signs of exhaustion in this market as it clearly has a preferred direction.
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