Gold Plunges to 6 Weeks Low and trading below $1700

Gold crashed below 4 weeks low today as the dollar’s rally cut demand for the metal as an alternative asset and there is a panic selling in the gold. Prices sink as investors sell the metal to raise cash and pile into the greenback. Silver plunges 11% as recession fears rise.

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Gold had broken down the $1700 support which is the 50% retracement of the entire mood from July low to 6th September high of the recent uptrend. The next level of
Shorter term Supports can be expected around $1650 (61.8% retracement of the entire move ).