GOLD - USD - Gold Hit Fresh Low and Profit Booked! - 11/25/2016 (GMT)

The yellow metal edged sharply lower over the last three weeks and during today’s sessions recorded a new ten-month low and reached the $1,171 support level. The XAU/USD pair plummeted more than 7% this month following the bounce off the $1,338 resistance level. On a previous analysis, we suggested an entry level below the $1,221 barrier until the $1,200 psychological obstacle where the price slipped below it (see technical analysis here: http://bit.ly/2fxpXGa). The technical structure remains bearish as the technical indicators are following a downward path. MACD corrected extreme oversold readings while RSI is pointing downwards below the 30 level.