14 Jul 2014
Gold collapses to nearly 1-month low around $1,300
FXStreet (San Francisco) - The gold is trading under pressure right now as the yellow metal fell around $5 in the latest few minutes from 1,338 to trade at lowest since June 19 at 1,303.10.
The XAU/USD is falling 2.27% so far today as the metal is currently trading at 1,305.95/oz amid profit taking and risk aversion.
"Gold trades at fresh monthly lows around $1305/oz weighed by diminishing risk aversion and profit taking, after a six week straight rise," comments Valeria Bednarik from FXStreet. "The metal stands now below 1309.30, former monthly low and 38.2% retracement of this year rally, now immediate resistance. A break below the 1300 figure, may fuel current bearish momentum, with next support now at 1285, 50% retracement of the same rally."
Gold levels
The gold would face next supports at 1,300, 1,297 and 1,285. On the upside, resistances are at 1,307, 1,325 and 1,335.
The XAU/USD is falling 2.27% so far today as the metal is currently trading at 1,305.95/oz amid profit taking and risk aversion.
"Gold trades at fresh monthly lows around $1305/oz weighed by diminishing risk aversion and profit taking, after a six week straight rise," comments Valeria Bednarik from FXStreet. "The metal stands now below 1309.30, former monthly low and 38.2% retracement of this year rally, now immediate resistance. A break below the 1300 figure, may fuel current bearish momentum, with next support now at 1285, 50% retracement of the same rally."
Gold levels
The gold would face next supports at 1,300, 1,297 and 1,285. On the upside, resistances are at 1,307, 1,325 and 1,335.