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Gold plummets below 2,000
Gold experienced a massive downward spike in the four-hour chart following the hotter-than-expected US CPI report on Tuesday, dropping to a fresh two-month low. The magnitude of the decline has been reflected in the momentum indicators, which are currently deep in their oversold territories. Should the retreat resume, immediate support could be found at the December bottom of 1,973. Failing to halt there, bullion could test the November support of 1,965. A violation of that region could set the stage for 1,946, which is the 123.6% Fibonacci extension of the 1,973-2,086 upleg. On the flipside, if the price rotates ... (full story)