Gold sell

Demand for gold declines

12 December 2022 193
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The gold struggles to overcome the $1,800 barrier. Today the inflation data, namely US producer price indices for November, are in the spotlight. This figure will probably decrease compared to the previous month.

It is these expectations that investors are laying in current gold prices, but weak data will probably upset them.

In this scenario, the possible downside target is the nearest Fibonacci level of $1,760. If it is broken through, the next target to lower is the local $1,730 low for gold. There we see a trading level for the recent months, as well as the next Fibonacci level.

Cancellation of the decline scenario is the renewal of new local highs. 

This content is for informational purposes only and is not intended to be investing advice.

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