Gold extends correction on technical selling and robust PMI data

Gold extends correction and slides down to a technical range floor. The precious metal shrugs off the global growth fears that normally incentivize investors to hoard Gold. Gold joins most other commodities as they sell off. Gold weakens on Thursday, trading over a percentage point lower in the $2,370s amid widespread declines in stocks and commodities driven by global growth concerns.

tends to work particularly well at signaling price turns in sideways markets. A break above the $2,483 all-time-high would indicate the establishment of a higher high and suggest the possibility of a breakout to the upside and an extension of the longer-term uptrend. Such a move might unlock Gold’s next upside target at roughly $2,555-$2,560, calculated by extrapolating the 0.618 Fibonacci ratio of the height of the range higher.

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