Technical and Fundamental sometimes moves in the same way. Gold price and oil price starts going down after Osama was killed, at the same time the price not able to break 200% fibonacci level on daily chart (major resistance in my opinion). So it is a good reversal point, where the price should reverse.
Retails traders like me surely will not able to bring gold price down. But traders like Soros, CAN.
The reason of gold price going down in last few days is because of Soros sold much of its fund according to Marketwatch.
George Soros’s Soros Fund Management, one of the biggest hedge-fund firms in the world, sold much of its gold and silver investments over the past month because there’s less chance of deflation, The Wall Street Journal reported Wednesday.
The move is a sign that precious metals may be losing some of their appeal with top investors after a big rally in recent years.
Thank you Soros! 🙂