Gold finds dropping low on thursday following a short-covering rally in the previous session, weighed down by concerns the U.S. Federal Reserve could soon begin tapering its monetary stimulus on strong economic data.
SPDR Gold Trust, Holdings of world's largest gold-backed exchange-traded fund fell 2.70 tonnes to 838.71 tonnes on Wednesday.
Spot Gold: after gaining 1.6 percent in the previous session Spot gold fell 0.4 percent to $1,238.30 an ounce by 0027 GMT.
Spot Gold: after gaining 1.6 percent in the previous session Spot gold fell 0.4 percent to $1,238.30 an ounce by 0027 GMT.
Today’s Technical Trend for Gold
GOLD (FEB)
Trend: Consolidate | Strategy: Buy on dips
R1- 29870, R2- 30250| S1-29160, S2- 28850
GOLD (FEB)
Trend: Consolidate | Strategy: Buy on dips
R1- 29870, R2- 30250| S1-29160, S2- 28850
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ReplyDeleteGold steadies amid firm dollar ahead of Fed speech.
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