Gold slides further toward $1100

FXStreet (Córdoba) – Gold dropped further during the American session and bottomed at $1103.50/oz, hitting the lowest level in almost a month. Price remains near the lows, under pressure.

The US dollar is posting mix results across the board on Tuesday, most of the commodities are falling despite risk appetite. Gold is losing 1.50% and crude oil is falling 1.80%. Copper moved off session highs but is still up for the day while silver is down almost 1% after testing weekly highs.

Gold below important short term support, testing trendline

Currently gold trades at $1105 below the $1108 – $1111 area that was an important short term support. Recently the decline accelerated below $1115 and so far it found support at $1103 where an uptrend line from July low stands.

Gold dropped further during the American session and bottomed at $1103.50/oz, hitting the lowest level in almost a month. Price remains near the lows, under pressure.

(Market News Provided by FXstreet)