“¢ A goodish pickup in the USD demand prompts some aggressive selling. “¢ Fading safe-haven demand further aggravates the downward momentum. “¢ Technical studies suggest an extension of the near-term bearish trajectory. Gold continued drifting lower through the mid-European session and is currently placed at fresh six-month lows, around the $1255 region. Having failed to benefit from escalating US-China trade tensions, initial signs of stability in the global financial markets was now seen weighing on the precious metal safe-haven appeal. This coupled with a goodish pickup in the US Dollar demand aggravated the selling pressure and further collaborated to the dollar-denominated commodity’s slump to its lowest level since Dec. 18. Today’s steep decline could also be attributed to technical selling, following the occurrence of a death-cross on daily charts, wherein a short-term moving average (50-day SMA) crosses below the longer-term moving average (200-day SMA). Meanwhile, a sustained break below a medium-term ascending trend-line support, extending from Jan. 2017 through lows touched in July and Dec. 2017 reinforces a bearish set-up. Hence, a follow-through weakness, despite near-term oversold conditions, remains a distinct possibility. Technical levels to watch Immediate support is pegged near the $1251-50 area, below which the metal might continue to slide towards $1245-44 intermediate zone en-route Dec. 2017 lows support near the $1237-36 region. On the flip side, any recovery attempts back above $1260 level might now confront immediate resistance near the $1266 area, which if cleared might trigger a short-covering bounce towards $1272-73 barrier. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD finds support at 1.1650 ahead of US data FX Street 5 years "¢ A goodish pickup in the USD demand prompts some aggressive selling. "¢ Fading safe-haven demand further aggravates the downward momentum. "¢ Technical studies suggest an extension of the near-term bearish trajectory. Gold continued drifting lower through the mid-European session and is currently placed at fresh six-month lows, around the $1255 region. Having failed to benefit from escalating US-China trade tensions, initial signs of stability in the global financial markets was now seen weighing on the precious metal safe-haven appeal. This coupled with a goodish pickup in the US Dollar demand aggravated the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.