Gold breaks $4000 for the first time since November
Gold briefly fell below $4000 for the first time since November.
The peak of the rally came just after the US launched a coup in Venezuela but the real breakdown came after the Iran war and Turkey’s decision to sell $120 billion in reserves to shield its currency.
The latest back-breaker was the surprisingly hawkish debut from Fed Chairman Kevin Warsh, which has led to a broad US dollar rally.
Looking at the chart, it’s not pretty but there is some support at the late October low of $3885.
This article was written by Adam Button at investinglive.com.