Gold: remains subdued below channel support, before possible bearish break to key 38.2% Fibo

Ross J Burland FXStreet

Gold is trading at 1,309.18/42 at the time of writing, +0.15%, although rather subdued on the Us session.

Gold remains sidelined as a trade-off between stocks and the non-yielding safe haven continues with investors who prefer to park their idle capital in assets that are more likely to return a yield in the absence of renewed geopolitical risk-off events.

Gold plummeted at the start of this week, to $1,304.60, the lowest finish since August the 25th and stabilizing oil prices, (WTI anchored between a $1.00 range around $50.00) and easing North Korean tensions have both played a leading role in Gold’s sharp decline.

Trump's address was a potential catalyst for Gold, yen and risk in general today, but there was no reaction to his stern words over N.Korea: "If US is forced to defend itself or its allies, we will have no choice but to destroy N. Korea," nor his remarks over Iranian oil profits that only go to terrorists and Islamic terrorism as a whole. Instead, markets turned back to the forthcoming FOMC as the next major catalyst, where traders will be looking for hints of a December rate hike as a green light to remain long of the US dollar, potentially underpinning the bear's case for Gold prices.

Gold levels

Of course, should the FOMC not turn out as hawkish as the market has positioned itself for with yesterday's Fed flush out, the opposite is then true and fireworks could ignite a 'gold rush' back towards recent double top highs, $1,334 zone, depending on the degree of disappointment. Technically, having fallen well below the rising channel's trend support line, (23.6% Fibo), around 1323, gold targets the 38.2% Fibo level of the rise measured between 1204.81 to 1357.53 as 1299.20 to the downside ahead of further 1281.17 support.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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