7 May 2014
Gold tumbles below $1,300
FXStreet (Córdoba) - Spot gold bottomed after Yellen speech at $1,294 and reached the lowest price since last Friday. Before the statement the yellow metal was weak moving away from the highs.
Gold finds resistance near $1,315
On European hours XAU/USD rose to test the key short term resistance area around $1,315 but failed to break and reversed. The downside accelerated below $1,308 and after the Fed’s Chairman initial words plummeted below $1,300.
Gold remains near the lows and currently trades at $1,296, $10 below the price it closed yesterday as President Putin said that Russian troops pulled back from Ukraine border, easing tensions.
Gold finds resistance near $1,315
On European hours XAU/USD rose to test the key short term resistance area around $1,315 but failed to break and reversed. The downside accelerated below $1,308 and after the Fed’s Chairman initial words plummeted below $1,300.
Gold remains near the lows and currently trades at $1,296, $10 below the price it closed yesterday as President Putin said that Russian troops pulled back from Ukraine border, easing tensions.