1 May 2015
Gold extends the drop near $1,170
FXStreet (Edinburgh) - The selling mood around the precious metal remains intact at the end of the week, with the ounce troy testing levels around $1,170.
Gold in multi-week lows
Gold prices dropped to the area of $1,170 - levels last seen in late March - following a solid performance of the US dollar after the US ISM Manufacturing and the sentiment index by Reuters/Michigan matched the preliminary prints for the month of April, despite coming in slightly below estimates.
After last week’s sharp upside to levels beyond $1,210, the lack of follow through prompted sellers to return to the markets and drive prices lower.
Gold levels to consider
The metal is now losing 0.83% at $1,174.49 with the next support at $1,168.50 (low Mar.20) and then $1,159.40 (low Mar.19). On the other hand, a breakout of $1,236.79 (high Feb.16) would open the door to $1,245.91 (high Feb.10) and then $1,285.80 (high Feb.3).
Gold in multi-week lows
Gold prices dropped to the area of $1,170 - levels last seen in late March - following a solid performance of the US dollar after the US ISM Manufacturing and the sentiment index by Reuters/Michigan matched the preliminary prints for the month of April, despite coming in slightly below estimates.
After last week’s sharp upside to levels beyond $1,210, the lack of follow through prompted sellers to return to the markets and drive prices lower.
Gold levels to consider
The metal is now losing 0.83% at $1,174.49 with the next support at $1,168.50 (low Mar.20) and then $1,159.40 (low Mar.19). On the other hand, a breakout of $1,236.79 (high Feb.16) would open the door to $1,245.91 (high Feb.10) and then $1,285.80 (high Feb.3).