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19 Mar 2014
Gold's falls below 1,350 after 3-day decline
FXStreet (San Francisco) - The gold is extending declines from March 17 high of $1,394 as today the pair broke the 1,350 support to trade at lows since May 10 at 1,337.65.
At this moment, the XAU/USD is pricing at 1,338.53, 1.45% negative in the day. "Gold extends its slide to a fresh 8 day low, breaking below its 20 SMA in the daily chart, and gaining bearish momentum in the mentioned time frame," comments Valeria Bednarik, FXStreet chief analyst.
With the FED around the corner, "the metal will likely consolidate in the short term, yet a break below the daily low with the news should lead to a test of the 1,327 immediate support, while once below this last 1,318 comes next," Bednarik adds.
Resistances for today, come at 1,354, and 1,367.
At this moment, the XAU/USD is pricing at 1,338.53, 1.45% negative in the day. "Gold extends its slide to a fresh 8 day low, breaking below its 20 SMA in the daily chart, and gaining bearish momentum in the mentioned time frame," comments Valeria Bednarik, FXStreet chief analyst.
With the FED around the corner, "the metal will likely consolidate in the short term, yet a break below the daily low with the news should lead to a test of the 1,327 immediate support, while once below this last 1,318 comes next," Bednarik adds.
Resistances for today, come at 1,354, and 1,367.