Gold tumbles below $1,300

FXStreet (Córdoba) - Spot gold is falling for the fourth day in a row, extending the slide that started on Monday from 1-week highs at $1,306. On Thursday the yellow metal bottomed at $1,277, the lowest price in exactly a week but then bounced and currently is trading around $1,282, $10 below today’s opening price. After being unable to hold above $1,300 turned to the downside and accelerated today.

XAU/USD levels

Immediate support lies at $1,277 and below here at $1,270. To the upside resistance could be located at $1,290 (European session high) and above at $1,295 (descendant hourly trendline).

If XAU/USD ends the week around current levels it would be posting the lowest weekly close since early February. But tomorrow in the US, the Non Farm Payroll report will be released and it could have an impact on financial markets, including the price of gold.