FXS: Spot Gold bounces at $1,100 support and reaches $1,115
FXstreet.com (Barcelona) - Spot Gold's decline from $1,137 high on Monday extended somewhat lower on Thursday and XAU/USD hit a fresh 2-weeks low at $1,100, to pick up during US and Asian sessions, as Dollar strength Eased, and reach $1,115 area and European session opening.
According to by Rajoo C, technical analyst at Precise Trader, Spot Gold is showing potential to turn up: "The Hourly Trend has been in a Range Trading with a potential to Turn Up soon, 11165-11230 are the critical levels to watch to maintain the Bearish outlook."
On FX Markets, Gold bulls could be supported by the current pick up on risk currencies, which has damaged the Dollar. EUR/USD rebound at 1.3535/45 week lows has extended above week-high at 1.3705, while GBP/USD bounce on 1.48700 week low extended above 1.5100 and AUD/USD uptrend remains active, with the pair trading right below 7-week high at 0.9190.
