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Gold falls below 1240 and stays below 1230
Gold hits low of 1226 not seen since January and faces resistance at 1241
Bearish trend still holds as candles fall below moving averages
Gold prices have reattained the lows of 2014 with just the turn of the year at its lowest. After resistance at 1275 2 weeks ago the market is buoyed by the growth in the U.S and amidst optimism that the rates will be increased soon, price of Gold has fallen past key levels 1240 and next technical support lies at 1226 and 1214 range, while resistance at 1230, 1233 and 1241 the closest price ceilings that may retest. FOMC economic projections and the press conference later this week will give us more insights on how the U.S dollar is really performing, and the Fed’s next move that will heavily influence the price of yellow metal.
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