FXStreet (Córdoba) - Gold prices turned sharply lower on Thursday, with the metal hitting a weekly low of $1,071.39 an ounce in the American afternoon, after trading flat during the London session. The decline accelerated after oil prices bounced following another test of the 30.00 level, leading to a nice comeback in Wall Street. Gold ended the day above $$1,073 an ounce, posting a 1.2% loss, after closing higher the previous day. Gold technical perspective “The daily chart shows that the metal has broken below its 20 SMA, while the technical indicators have turned south and maintain strong bearish slopes around their mid-lines in line with further declines. More relevant, the commodity is now below the 61.8% retracement of the latest bullish run, at 1,078.90, the immediate resistance, and an indication of further downward risk”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price is well below a bearish 20 SMA, while the technical indicators have turned strongly lower below their mid-lines, supporting the daily perspective. A break below the mentioned low should signal a continued decline towards the late December low at 1,057.96, where the bright metal will complete a full 100% retracement.” Support levels: 1,071.40 1,063.40 1,057.95. Resistance levels: 1,078.90 1,086.20 1,097.65. For more information, read our latest forex news.