The gold futures contract lost 2.05% on Wednesday, as it extended its short-term downtrend following breaking below the price level of $1,900. The market is the lowest since late July. Gold keeps retracing its rally from around $1,800 to Aug. 7 record high of $2,089.20 in reaction to U.S. dollar rally, among other factors. Gold also broke below its mid-August local low, as we can see on the daily chart:
Gold Continuous Contract - Daily Chart (Image not shown due to low ratings)
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