Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Gold Plunges to 6 Weeks Low and trading below $1700

20 sec read

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.


 
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 ).

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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