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18 Sep 2014
Gold visits lowest of the year
FXStreet (Bali) - Gold has extended its bearish run, printing its lowest since Jan 2 this year at $1,216.00 before some bids returned to the market to take price towards $1,222.00.
With the FOMC risk event now out of the way, traders were quick to reinstate long position in the USD, as the process of normalizing rates by the Fed gets further priced in.
Technically, a weekly area of demand from 1,216 down to $1,183.00 has allowed an initial bounce in price, although from a daily perspective, selling rallies has been the name of the game even since the double top found at $1,323.00 through July-August. Buyers should regain $1,245-50 to ease selling pressures, while on the downside, the next big target is the round number at $1,200.00.
With the FOMC risk event now out of the way, traders were quick to reinstate long position in the USD, as the process of normalizing rates by the Fed gets further priced in.
Technically, a weekly area of demand from 1,216 down to $1,183.00 has allowed an initial bounce in price, although from a daily perspective, selling rallies has been the name of the game even since the double top found at $1,323.00 through July-August. Buyers should regain $1,245-50 to ease selling pressures, while on the downside, the next big target is the round number at $1,200.00.