Gold rally proves short-lived as it falls $40 ...Middle East

Today's outside reversal lower in gold prices rekindles some worries on the chart.Gold has looked to be forming a head-and-shoulders top over the past two months in a move that would target $2150. However yesterday the bulls made a move and tried to take out the late-May highs. That failed through and today the sellers returned with a vengeance, knocking it lower by $40 to $2318.While the pattern isn't exactly textbook, it is a head-and-shoulders top and it comes after some data showing that the US service sector isn't slowing. In fact, the S&P Global services PMI rose to a 26-month high. That could keep the Fed from cutting rates at all this year and lead to aggressive profit taking in gold

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Last updated : 21 June 2024 clock 08:53 PM

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Gold rally proves short-lived as it falls $40 ...Middle East

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