The markets were a sea of red today with the Dow Jones falling over 250 points and closing below its 100 day moving average for the first time since late June. A slump in crude oil and energy equities led the broader stock market and commodities complex lower. Uncertainty concerning next week’s Federal Reserve monetary policy decision appears to be well-ingrained in the market’s mentality right now and participants are becoming increasingly risk averse. Gold has traded lower for five consecutive sessions and next major support is coming in at $1,300, the convergence of the 100 day moving average, psychological support, and a long term trendline dating back to December of 2015.
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