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31 Jul 2014
Gold tumbled to $1,280/oz, 6-week low
FXStreet (Córdoba) - Gold is falling for the fourth day in a row on Thursday and recently hit a fresh 7-week low at $1,280. The value of the ounce remains near daily lows, under pressure as it trades below an important support located around $1,285.
The yellow metal could post the lowest daily close since June 18 as it consolidates below $1,290; a level that capped the downside during the current month.
XAU/USD remains sideways in the monthly chart
Gold is falling more than $40 so far on July but the monthly chart still continues to show price action moving sideways . Earlier hit $1,344 but failed to hold and retreated. But so far the decline remains limited.
Since February, price action in the monthly chart has been limited to the upside by $1,330 and to the downside $1,240 and the July closing price points toward a continuation in the mentioned range.
The yellow metal could post the lowest daily close since June 18 as it consolidates below $1,290; a level that capped the downside during the current month.
XAU/USD remains sideways in the monthly chart
Gold is falling more than $40 so far on July but the monthly chart still continues to show price action moving sideways . Earlier hit $1,344 but failed to hold and retreated. But so far the decline remains limited.
Since February, price action in the monthly chart has been limited to the upside by $1,330 and to the downside $1,240 and the July closing price points toward a continuation in the mentioned range.