Yesterday saw gold prices fall to the previous day’s low at 1323 before the US market opened, at which point some losses were recovered in a reaction to slightly lower than forecast US Retail Sales figures. The recovery was short-lived however as gold resumed its downwards momentum, falling to a low of 1318 on the day and 1315 overnight.
Today is a quiet news day and so we expect a straight technical play, with support at 1317 and 1309 as gold makes its way towards 1300. Any rebound off of these support levels could see gold recover to around 1330-1340 before moving lower again.
If 1300 is breached, we see minor support at 1290 and 1280 and strong support at 1272. A confirmed break below 1270 would see prices fall to 1245 and then 1200.
Today is a quiet news day and so we expect a straight technical play, with support at 1317 and 1309 as gold makes its way towards 1300. Any rebound off of these support levels could see gold recover to around 1330-1340 before moving lower again.
If 1300 is breached, we see minor support at 1290 and 1280 and strong support at 1272. A confirmed break below 1270 would see prices fall to 1245 and then 1200.