Gold Outlook for 3 October 2017

Bearish

Looking at the medium term picture, we remain bearish on gold in the medium term. Gold is currently correcting, having entered overbought conditions in early September. The recent bout has accelerated following the Federal Reserve's suggestion that future interest rate hikes are likely and Donald Trump's tax plan. Today, prices have re-entered normal trading conditions when looking at various technical indicators, and gold no longer looks overbought. 

Updated