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27 Mar 2014
Gold extends decline below $1,300
FXStreet (Córdoba) - Gold dropped further on Thursday, losing more than $10 and bottomed during the American session at $1,289.05, the lowest price since February 13. The yellow metal retreated further and now has fallen $100 from March 17 highs. Price still looks for support as it continues to decline despite technical indicators show oversold readings.
On Thursday gold fell once again despite the fact that commodity currencies rose sharply versus the US dollar. Silver algo retreated with the price of the XAG/USD falling below $20 to 7-week lows.
Spot gold finished Thursday near daily lows. To the downside immediate support lies at $1,289 (March 27 low) and below here at $1,278 and $1,269. To the upside resistance might be located at $1,305 and above here at $1,317 and $1,325.
On Thursday gold fell once again despite the fact that commodity currencies rose sharply versus the US dollar. Silver algo retreated with the price of the XAG/USD falling below $20 to 7-week lows.
Spot gold finished Thursday near daily lows. To the downside immediate support lies at $1,289 (March 27 low) and below here at $1,278 and $1,269. To the upside resistance might be located at $1,305 and above here at $1,317 and $1,325.