Gold hits 2-week lows
FXStreet (Córdoba) – The value of the ounce of gold recently reached at $1115.60, the lowest level since August 18; afterwards rebounded but it was holding below $1120. Gold and crude oil accelerated to the downside during the last hour.
Downside bias persists
The metal continues to move with a downside bias, retreating after approaching $1170 two weeks ago. The rally found resistance where a long term downtrend line stands and lost momentum.
Today is pushing further to the downside. Below daily lows, the next potential support area is located at $1113 and $1108. On the opposite direction, the $1125 area, that capped the upside today and also were 20-SMA in 4-hour charts stands, is the key intraday resistance; followed by a downtrend line originated at August highs.
The value of the ounce of gold recently reached at $1115.60, the lowest level since August 18; afterwards rebounded but it was holding below $1120. Gold and crude oil accelerated to the downside during the last hour.
(Market News Provided by FXstreet)