Gold breaks lower and drops to USD 1060

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - Gold prices are falling for the third day in a row but today broke and important support area and accelerated the decline on a low volume session across financial markets.

    The price of the ounce approached USD 1070 but only to reversed the direction. It broke below USD 1066, area that capped the decline on Monday and also earlier today and dropped to USD 1060.10, hitting the lowest level since December 18.

    Currently it trades at USD 1060.90, down almost 1% for the day and still holding a bearish tone, but so far holding on top of the USD 1060 handle.

    The US dollar is rising modestly across the board. Stocks in Europe are falling 0.75% on average while in Wall Street after the first minutes of trading, the Dow Jones is down 0.32% and the Nasdaq drops 0.29%.
    For more information, read our latest forex news.

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