6 Feb 2014
Gold rejected from $1,270; back below $1,260
FXStreet (Córdoba) - Spot gold rose sharply after the release of the ADP employment report and jumped from $1,258 to $1,274 hitting the highest price since January 27 but afterwards reversed the direction, plunging from the highs, back below $1,260.
During he American session the value of the ounce retreated further and fell to test daily lows at $1,252 but managed to hold and rose toward $1,260.
Technical outlook for gold
The price finished slightly higher on Wednesday hovering around $1,257, and continues to move with a bullish bias on the short-term. But the price once again failed to hold above $1,265 suggesting that there are still sellers around $1,270.
If it manages to break and confirm levels on top of $1,270, it could attract buyers. On the downside, immediate support lies around $1,255 where an hourly uptrend line stands. Below, the key level to watch lies below weekly lows around $1,235.
During he American session the value of the ounce retreated further and fell to test daily lows at $1,252 but managed to hold and rose toward $1,260.
Technical outlook for gold
The price finished slightly higher on Wednesday hovering around $1,257, and continues to move with a bullish bias on the short-term. But the price once again failed to hold above $1,265 suggesting that there are still sellers around $1,270.
If it manages to break and confirm levels on top of $1,270, it could attract buyers. On the downside, immediate support lies around $1,255 where an hourly uptrend line stands. Below, the key level to watch lies below weekly lows around $1,235.