Gold continues to retreat, hits 11-day low

Gold extended its downward correction on Tuesday, falling to a its lowest level in nearly 2 weeks as investors continued to get rid of safe-haven assets. The yellow metal fell to a low of $1,330 an ounce and ended the day 1.62% lower.

Gold technical perspective

“The pullback from the year high of 1,375.11 has found some buying interest around the 23.6% retracement of the latest bullish run between 1,199.51, May 30th low, and last week highs, although technical readings point for further slides, as in the daily chart, indicators head sharply lower, coming from overbought levels, and are poised now to break below their mid-lines. The 20 SMA in the mentioned time frame stands at 1,327.60, providing an immediate support,” said Valeria Bednarik, chief analyst at FXStreet.

Support levels: 1,327.60 1,318.40 1,310.10. Resistance levels: 1,335.15 1,345.90 1,357.20.