Commodities
Gold Price Plummets Amid Hawkish Fed Remarks
The price of gold plummeted at the end of last week, falling to $4,455 after a sharp weekly drop. This marked a 3.18% decline for Friday and approximately a 3.25% decrease for the entire week.
According to CyclesFan's daily chart, which compares the price of gold against its 20-day and 200-day simple moving averages, gold failed to extend above the $4,650-$4,700 area, triggering a bearish reversal.
The analyst also noted that if gold makes a follow-through drop and breaks below the 20-day average, it could represent a midterm high. However, if there's a quick recovery above both averages, it would weaken the bearish outlook.