Gold falls to test weekly lows

FXstreet.com (Córdoba) - The price of the ounce of gold moved during all Wednesday with a bearish bias but with moderates moves until the last hour of Wall Street trading, when it fell to test weekly low, that lie around $1,235.00. Price bottomed at $1,235.85 and bounced slightly to the upside, to $1,237.00 to finished with the lowest daily close since January 9.

The metal lost ground for the second day in a row and continues to move in a corrective mode after being rejected from levels on top of $1,255.00 at the beginning of the current week.

Levels to watch for gold

To the downside, immediate support for gold (XAG/USD) lies at $1,235.00 and below at $1,231.50 and $1,226.00. In the other direction, immediate resistance is located at $1,243.70 (January 22 high) and above at $1,246.90 and $1,251.50.