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Gold drops to test last week lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - Gold prices failed to hold above USD 1070.70/oz and turned to the downside, falling below USD 1065.00 during the American session. The yellow metal printed a fresh daily low at USD 1063.20 and then bounced modestly to the upside. The ounce was trading at USD 1064.55, under pressure.

    Price is testing last week lows located slightly above USD 1060. Gold remains under pressure despite the decline of the US dollar across the board. The Dollar Index (DXY) recently reached at 97.25, the lowest since early November. Stocks in Wall Street are mixed. The Dow Jones is up 0.29% and the Nasdaq is falling 0.07%. US bond yields are rising considerably. The 10-year yield started the session at 2.13% and is now near 2.23%.

    XAUUSD levels

    Earlier gold it rose to USD 1075 erasing losses but it turned against to the downside. Now appears to be headed to test USD 1060; below here support might lie at USD 1052 (Nov 27 & 30 low). On the opposite direction, resistance could be seen at USD 1075 (session high), USD 1080 (Dec 11 high) and USD 1078 (downtrend line from Dec highs).

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