31 Jul 2013
Gold recovery stalls at $1330.00
FXstreet.com (New York) - The recent fallout of the FOMC and subsequent retention of the interest rate at 0.25% caused waves in commodity markets, most closely seen with gold.
Indeed, the yellow metal rebounded off earlier lows at 1308, regaining the key 1319 support figure, though ultimately faltering at the 1330 region during US trading. Initially aided by the falling in the USD, the price has once again backtracked back to USD $1323.45 per oz. in these moments, insulated by fairly robust support at 1323 in the hourly charts.
Indeed, the yellow metal rebounded off earlier lows at 1308, regaining the key 1319 support figure, though ultimately faltering at the 1330 region during US trading. Initially aided by the falling in the USD, the price has once again backtracked back to USD $1323.45 per oz. in these moments, insulated by fairly robust support at 1323 in the hourly charts.