Gold is struggling to get fresh buyers that would take it decisively above the psychological level of $1,200. The yellow metal tumbled last week and made a low of $1,181 per ounce. However, it managed to bounce from those levels, recovering some of the loss, and closed at $1,191 per ounce, down 0.7 per cent for the week.
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Gold Slips as Trade, Emerging Market Worries Lift Dollar – Gold Silver Reports
Gold slipped on Tuesday as concerns over an escalating trade conflict between the United States and China battered emerging market currencies and prompted investors to seek perceived safety in the dollar. A stronger dollar makes dollar-priced gold costlier for non-US investors.
Spot Gold Critical Support @$1,300 Level
Gold Silver Reports (GSR) — Spot Gold Critical Support @$1,300 Level — While selling pressure has undoubtedly been a significant component of this recent decline, it is dollar strength that has been the predominant factor taking gold to its current pricing which is at a critical support level. This support level is crucial because of two technical indicators: Fibonacci retracement and the 200-day moving average.