Prospect for Fed rate in the next month is the main reason behind Gold plunge in commodity market. Still, Gold price fall was limited by retail demand prompted by Turkey-Russia tension.

Dear Traders,

Prospect for Fed rate in the next month is the main reason behind Gold plunge in commodity market. Released data from last week were generally able to support speculation on rate hike. Jobless claims was reported to reach 260K, lower than forecasted number at 273K. Output from manufacturing sector, a gauge for US investment plan, was also better than predicted, as it rose much higher than expectation in October.

Still, Gold price fall was limited by retail demand prompted by Turkey-Russia tension. Due to air space violation, Turkey shot down a Russian jet plane near Syrian border last Tuesday. That was the most serious case of open confrontation among NATO members in the last half century,

 

Technical Analysis

The H4 chart below displays one of the possibilities from Elliot Wave to help you make your trading decision today.

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