22 Jan 2014
Gold climbs above $1,240, but holds bearish momentum
FXstreet.com (Córdoba) - The price of gold suffered an important decline on Tuesday, as it closed at $1,241, losing more than $10. Early on Asia opened steady and currently is hovering around $1,240.
Another run to test key support?
Momentum turned negative for gold on Tuesday after being unable to hold above $1,250 and accelerated to the downside once below $1,245. Price bottomed on Tuesday at $1,235 where a key short-term support level lies. During the American session, on the back of a weak US dollar, trimmed losses.
If downside momentum persists and the price falls once again below $1,240, another test to Tuesday's lows could be expected. The price zone around $1,235 is a strong support that capped the downside several times last week. If the price drops under $1,234.00 it would be trading at the lowest prince in ten days.
Another run to test key support?
Momentum turned negative for gold on Tuesday after being unable to hold above $1,250 and accelerated to the downside once below $1,245. Price bottomed on Tuesday at $1,235 where a key short-term support level lies. During the American session, on the back of a weak US dollar, trimmed losses.
If downside momentum persists and the price falls once again below $1,240, another test to Tuesday's lows could be expected. The price zone around $1,235 is a strong support that capped the downside several times last week. If the price drops under $1,234.00 it would be trading at the lowest prince in ten days.