FXstreet.com (Córdoba) – Dollar is tumbling across the board pushed by gold prices that rose above $1,200 an ounce, reaching a new record high. Stocks are also adding pressure to the Greenback. Markets in Europe finished with considerable gains and at Wall Street the Dow Jones is rising 1.25% and the Nasdaq gains 1.40%. Gold found support at 1,190 and rose to test the 1,200 area and broke above. At the moment of writing trades at record highs at $1,201 an ounce. The GoldCore Bullion Services Team affirms: “The recent sell off was fast and steep (some $50 in one day) and was needed to correct the overbought state of the gold market and shake out the weak hands. This has happened and could set the stage for further gains with $1,250/oz now a viable price target for year end. However, with gold having returned 13% in November, it is quite possible that further consolidation is needed in the $1,100s prior to forays into the unknown territory over $1,200 per ounce.” Stocks rallied in Asia and in Europe markets finished with gains of more than 2.25% on average. In the U.S. the Dow Jones is approaching to year highs as it marks 10,468 points. The rally in gold and stocks weakened the Dollar that is falling across the board and is getting closer to multi-month lows. EUR/USD is back above 1.5100 and rose to 1.5117, 30 pips far from the highs of the year. GBP/USD is accumulating an increase of almost two hundred pips and trades above 1.6600. USD/CHF has fallen below parity level and trades at 0.9982/87, 0.70% below today’s opening price. Currencies tied to commodities are also posting important gains against the Dollar and at the moment trade at daily highs, suggesting that they could rise further.

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