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5 Aug 2014
Gold holds above $1,280/oz
FXStreet (Córdoba) - Gold moved sideways on Tuesday and finished flat trading around $1,287/oz. The value of the ounce moved sharply during the American session when it bottomed at $1,282.50 but then turned to the upside, printing a daily high at $1,293.90.
During the last trading hour in Wall Street pulled back to finish around the same price it had at the beginning of the day.
XAU/USD outlook
Last Thursday the value of the ounce fell to $1,280, where price found support and since then it has been moving sideways, near last week lows.
The recovery attempts of the last three days has been limited, with price making lower highs. The short term trend still favor the bearish outlook as price action continues to retreated from $1,345 (July highs).
During the last trading hour in Wall Street pulled back to finish around the same price it had at the beginning of the day.
XAU/USD outlook
Last Thursday the value of the ounce fell to $1,280, where price found support and since then it has been moving sideways, near last week lows.
The recovery attempts of the last three days has been limited, with price making lower highs. The short term trend still favor the bearish outlook as price action continues to retreated from $1,345 (July highs).