FXStreet (Córdoba) – The yellow metal is facing strong selling pressure on Thursday, as most commodities, with spot having fallen to fresh 3-month lows as investors await speeches from several Fed members, including Chair Yellen for further signs on the likelihood of a December rate hike.
Gold remains on the back foot, having fallen eight out of the nine trading days of November and lost nearly 8.5% since mid October as investors continue to price in Fed’s lift-off. Gold struck its lowest level since late July at $1,080 an ounce in recent dealings.
Next support area could be found around $1,075 an ounce where the metal bottomed back in July. Meanwhile, the former support area around $1,085 should offer resistance on bounces.
(Market News Provided by FXstreet)