XAU/USD: Spot Gold Fell Sharply
FinFX | Dec 03, 2013 04:13AM ET
XAU/USD
Spot Gold lost ground and fell sharply, after loss of initial support and near-term consolidation floor at 1234, accelerated bears through 1226, 25/11 previous low. Losses dipped to 1217 so far, just ahead of initial target at 1215, 08/07 low, with corrective rally on oversold near-term studies seen preceding fresh weakness. Negative technicals support the notion, with corrective rallies to be ideally capped 1234, previous low and 50% of 1254/1217 descend before bears re-assert. Break below 1217/15 to open 1207, 05/07 low, en-route to psychological 1200 support and key level ay 1180, 28/06 annual low.
Resistance: 1227; 1234; 1240; 1245
Support: 1219; 1215; 1207; 1200
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