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20 Apr 2015
Gold in red below $1,200
FXStreet (Edinburgh) - The troy ounce of the precious metal is trading in the lower bound of the intraday range around $1,193.00/oz.
Gold lower on China, dollar
The move by the PBoC over the weekend prompted investors to return to the stock markets today, increasing the selling interest around the yellow metal. Gold plummeted from session highs near $1,210 to levels near $1,190, posting at the same time fresh 3-day lows.
In addition, the US dollar has recovered some ground from last week’s sell off, collaborating with the Gold’s downside.
Gold levels to consider
The metal is now losing 0.82% at $1,194.33 with the immediate support at $1,191.00 (low Apr.20) ahead of $1,184.00 (low Apr.14) and finally $1,180.50 (low Apr.1). On the upside, a break above $1,236.79 (high Feb.16) would aim for $1,245.91 (high Feb.10) and finally $1,285.80 (high Feb.3).
Gold lower on China, dollar
The move by the PBoC over the weekend prompted investors to return to the stock markets today, increasing the selling interest around the yellow metal. Gold plummeted from session highs near $1,210 to levels near $1,190, posting at the same time fresh 3-day lows.
In addition, the US dollar has recovered some ground from last week’s sell off, collaborating with the Gold’s downside.
Gold levels to consider
The metal is now losing 0.82% at $1,194.33 with the immediate support at $1,191.00 (low Apr.20) ahead of $1,184.00 (low Apr.14) and finally $1,180.50 (low Apr.1). On the upside, a break above $1,236.79 (high Feb.16) would aim for $1,245.91 (high Feb.10) and finally $1,285.80 (high Feb.3).