Gold prices fell to seven weeks low on Monday after a strong manufacturing data that beat economists’ expectations at 60.8.
Gold prices fell to seven weeks low on Monday after a strong manufacturing data that beat economists’ expectations.
Gold was trading flat on Tuesday morning at 1273.50 as of 8:00 GMT.
According to a report from the Commodity Futures Trading Commission (CFTC) on Friday – gold Net-bullish futures fell to 212,600.
Technical View
Gold prices continue to fall, breaking important technical lows. Currently, prices consolidated around the 100-day moving average at $1272 as seen in the chart.
Gold Daily Chart
The next additional support will be the 200-day moving average at $1250. A break below trend line could lead towards the 200 day moving average. A bounce anywhere in the resistance area may be a possible selling opportunity as the pattern indicates bearish momentum.
