2 Dec 2013
Gold dropping like a stone
FXstreet.com (London) - Gold fell on fears of US tapering again and headed t the lowest levels since July.
The yellow metal's futures dropped over two percent to $1,218.80. Overall, AU is over 5% lower for the month of November due to the fed’s minutes of the last meeting as signals are for the tapering to commence in the forth-coming months which support the dollar and may subsequently see gold come of further. Meanwhile, from the calendar, US manufacturing unexpectedly improved in November at the fastest pace in more than two years and that took the dollar higher at the same time gold came off 2%.
Gold Spot Levels
The 20 DMA is 1247.80, the 50 DMA is 1,267.90 and the 200 DMA is 1,293.60. Supports are ascending from 1,214.85. Spot is 1,220 while resistances are 1,227.35, 1234.70, 1240.75, 1,248.25, 1,254.60, 1,256.50, 1,266.95 and 1,278.40.
The yellow metal's futures dropped over two percent to $1,218.80. Overall, AU is over 5% lower for the month of November due to the fed’s minutes of the last meeting as signals are for the tapering to commence in the forth-coming months which support the dollar and may subsequently see gold come of further. Meanwhile, from the calendar, US manufacturing unexpectedly improved in November at the fastest pace in more than two years and that took the dollar higher at the same time gold came off 2%.
Gold Spot Levels
The 20 DMA is 1247.80, the 50 DMA is 1,267.90 and the 200 DMA is 1,293.60. Supports are ascending from 1,214.85. Spot is 1,220 while resistances are 1,227.35, 1234.70, 1240.75, 1,248.25, 1,254.60, 1,256.50, 1,266.95 and 1,278.40.