16 Apr 2014
Gold back below $1,300
FXStreet (Córdoba) - Spot gold plummeted on Tuesday and had the worst day in four weeks after falling sharply from $1,328. The yellow metal bottomed at $1,281 but then bounced to closed the day at $1,302.
After opening Wednesday steady hovering around $1,300 the downside pressure returned and XAU/USD fell to $1,295, reaching a fresh daily low.
The metal is trading below $1,300 still under pressure from a technical perspective in the short term, after breaking key support levels. If the price slides further, attention will turn to the $1,277 level where April lows lie. The mentioned price capped the decline that started from $1,391 several times in the previous weeks.
After opening Wednesday steady hovering around $1,300 the downside pressure returned and XAU/USD fell to $1,295, reaching a fresh daily low.
The metal is trading below $1,300 still under pressure from a technical perspective in the short term, after breaking key support levels. If the price slides further, attention will turn to the $1,277 level where April lows lie. The mentioned price capped the decline that started from $1,391 several times in the previous weeks.