Gold Prices Plummet After Hawkish Fed Address

Gold futures have been on a rollercoaster ride since June, rising 20% from $3,963 an ounce to a recent high of $4,755.00 in late August.

The metal's price spike was followed by a decline of 5% after Federal Reserve Chair Kevin Warsh's hawkish address at Jackson Hole on August 28.

Despite the volatility, gold futures' chart shows two bullish technical patterns: a long falling-wedge pattern and a double-bottom pattern.

The metal appears to have apexed in late August and has since lost its 200-day Simple Moving Average (SMA) and 21-day Exponential Moving Average (EMA).