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19 Dec 2013
Gold drops on Fed action, eyes December lows
FXstreet.com (Córdoba) - Gold ended Wednesday with a decline of 1%, below 1,220.00 at the lowest level in almost two weeks. The value of the ounce initially gain after the Fed's decision to taper and climbed to 1,244.30 but reversed and tumbled to 1,214.98 as the US dollar gain momentum across the board.
On a weekly basis the ounce is headed toward a decline of 1.79%, but if it ends under 1,219.00 it would be the lowest weekly close since August 2010.
Technical outlook for gold
After dropping for the second day in a row, short-term perspective is negative for Gold. The price is near December lows that lie at 1,211; once below, traders would start looking at two important levels: 1,200.00 (psychological) and 1,180.15 (2013 low). To the upside resistance could be located at 1,227.00; 1,245.00 and 1,260.80.
On a weekly basis the ounce is headed toward a decline of 1.79%, but if it ends under 1,219.00 it would be the lowest weekly close since August 2010.
Technical outlook for gold
After dropping for the second day in a row, short-term perspective is negative for Gold. The price is near December lows that lie at 1,211; once below, traders would start looking at two important levels: 1,200.00 (psychological) and 1,180.15 (2013 low). To the upside resistance could be located at 1,227.00; 1,245.00 and 1,260.80.