- Bearish pressure persists as US Dollar Index remains on demand.
- Gold prints fresh year-to-date low, holds above $1250.
Gold failed to break above $1260 and turned lower, hitting a fresh multi-month low at $1252.50. Price was hovering slightly above recent lows and holding so far on top of the $1250 area.
The bearish pressure persists as the greenback remains strong in the market. US Dollar Index Futures were at 6-day highs, above 94.70. The US Dollar was also higher against commodity currencies despite the rally in equity prices and in crude oil.
The yellow metal was headed to the lowest close since December 12 and to the eight daily decline out of the last nine days. From April’s high it has fallen more than a hundred dollars.
Levels to watch
To the downside, support might be located at $1250, $1245, $1242 and $1236 (Dec low). On the upside, resistance could be seen at $1260 (Jun 27 high), followed by $1267 (Jun 26 high) and $1272.
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