FXStreet (Córdoba) – Gold prices dropped modestly below Friday’ slows and printed a fresh 3-month low. The value of the yellow metal fell to USD 1084.60/oz and remains near the lows, under pressure while the US dollar remains steady in the currency market.
Commodities are falling on Wednesday, moving toward NFP lows or breaking below those levels. If gold continues to decline, the immediate support could be located at USD 1080.00 (August lows) and then 2015 lows at USD 1070.00.
Gold resuming the decline?
So far the decline below last week lows has been limited and currently the ounce trades at USD 1085. The short term trend still looks bearish but so far trading range of the last three days still persists. The upside remains capped by USD 1095.
Compared to other commodities, gold’s decline has been limited today. Crude oil is falling more than 3% while copper trades at 6-year lows.
(Market News Provided by FXstreet)