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18 Feb 2014
XAU/USD finds support at 1,312.40/oz
FXStreet (San Francisco) - The gold's decline from 1,332 stopped at 1,312.40 after losing $19.60 dollar in value overnight and trading at the lowest since February 14. At this level the metal found support and it bounced to trade back as high as 1,323.85.
The XAU/USD is currently trading at 1,322.10, yet 0.62% negative on the day. The decline was fueled by short lived USD strengthening, however the gold resumed its uptrend following weaker than expected US economic data and subsequent USD weakness.
XAU/USD sentiment
If the gold manages to hold the 1,320 level, the XAU/USD would face resistances at 1,325, 1,328 and 1,332. On the downside, the gold would find supports at 1,312, 1,307 and 1,300.
Read the Why gold prices could continue to be supported in 2014 report for a complete understanding of XAU/USD current trends.
The XAU/USD is currently trading at 1,322.10, yet 0.62% negative on the day. The decline was fueled by short lived USD strengthening, however the gold resumed its uptrend following weaker than expected US economic data and subsequent USD weakness.
XAU/USD sentiment
If the gold manages to hold the 1,320 level, the XAU/USD would face resistances at 1,325, 1,328 and 1,332. On the downside, the gold would find supports at 1,312, 1,307 and 1,300.
Read the Why gold prices could continue to be supported in 2014 report for a complete understanding of XAU/USD current trends.