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26 Jun 2013
Gold bounces from 3-year low after disappointing US GDP
FXstreet.com (Córdoba) - Gold managed to stage a mild bounce from lows as the greenback weakened after a disappointing US GDP reading.
The yellow metal bounced from $1224 an ounce, where it printed its lowest since August 2010, climbing to $1248.52/oz before losing steam. Gold was last trading at $1237/oz, still 3.3% below its opening price. According to Valeria Bednarik, chief analyst at FXstreet.com, short term resistances are at $1246, $1260 and the $1275 area.
The metal has lost over $200 an ounce since early April, having broken below the $1500 mark, on a stronger greenback amid speculations the Fed could taper its QE program.
The yellow metal bounced from $1224 an ounce, where it printed its lowest since August 2010, climbing to $1248.52/oz before losing steam. Gold was last trading at $1237/oz, still 3.3% below its opening price. According to Valeria Bednarik, chief analyst at FXstreet.com, short term resistances are at $1246, $1260 and the $1275 area.
The metal has lost over $200 an ounce since early April, having broken below the $1500 mark, on a stronger greenback amid speculations the Fed could taper its QE program.