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18 Mar 2014
Gold suffers worst 2-day slide since December
FXStreet (Córdoba) - Spot gold is falling for the second day in a row on Tuesday and bottomed at $1,350.60 hitting the lowest price since last Wednesday. During the American session the ounce recovered ground but near the end resumed the downside and is now approaching daily lows after being unable to hold above $1,360.
XAU/USD sharply retreated from 6-month highs
At the beginning of the week the yellow metal rose to $1,394 hitting the highest price in six months but since then it has moved constantly to the downside. Yesterday finished with a decline of $17 and today so far is falling a little more than $12.
From weekly highs it has retreated $40, moving from 6-month highs to 4-day lows, breaking in the way important support levels. The main trend still points to the upside, but the short-term momentum remains bearish with price action in a corrective mode.
XAU/USD sharply retreated from 6-month highs
At the beginning of the week the yellow metal rose to $1,394 hitting the highest price in six months but since then it has moved constantly to the downside. Yesterday finished with a decline of $17 and today so far is falling a little more than $12.
From weekly highs it has retreated $40, moving from 6-month highs to 4-day lows, breaking in the way important support levels. The main trend still points to the upside, but the short-term momentum remains bearish with price action in a corrective mode.