6 Oct 2014
Gold extends recovery, approaches $1,200
FXStreet (Córdoba) - Spot gold managed to erased losses and climbed to $1,198.80/oz, reaching a fresh daily high. The value of the ounce is recovering sharply after falling to fresh 2014 lows during the Asian session at $1,182.
After bottoming XAU/USD rebounded and accelerated to the upside, after rising above $1,190. Price remains near the highs ahead of the American session, but on a wider perspective remain under pressure.
Gold testing 2013 lows
Despite making a bullish correction, gold remains weak from a technical perspective. The price continues to test 2013 lows, that lie around the $1,180 area. A break below, would send gold to levels not seen since 2010.
After bottoming XAU/USD rebounded and accelerated to the upside, after rising above $1,190. Price remains near the highs ahead of the American session, but on a wider perspective remain under pressure.
Gold testing 2013 lows
Despite making a bullish correction, gold remains weak from a technical perspective. The price continues to test 2013 lows, that lie around the $1,180 area. A break below, would send gold to levels not seen since 2010.