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8 Jan 2014
Gold fails to hold above $1,240
FXstreet.com (Córdoba) - After having strange movements in the price during Monday, Gold trading normalized on Tuesday with the price falling $8, ending barely above $1,230.00. It was the first daily loss for the year.
During the Asian session rose to $1,245.20 but lost momentum and after Wall Street opening turned decisively to the downside, breaking at first below $1,240 and later under $1,230 bottoming at $1,224.75. During the second half of the American session trimmed losses but currently is turning once again to the downside, trading at $1,229.00.
After gold “flash crash”
During the gold “flash crash” of Monday the price made gaps. Greg McKenna, from Vantage FX, points out that these gaps tends to be filled, witch could take the price back toward $1,215.00. “This means that a back fill to the $1215 low is possible but this needs to hold otherwise a bigger retracement is on the cards”. According to McKenna the daily chart shows a mixed outlook but still has a slight bias higher.
During the Asian session rose to $1,245.20 but lost momentum and after Wall Street opening turned decisively to the downside, breaking at first below $1,240 and later under $1,230 bottoming at $1,224.75. During the second half of the American session trimmed losses but currently is turning once again to the downside, trading at $1,229.00.
After gold “flash crash”
During the gold “flash crash” of Monday the price made gaps. Greg McKenna, from Vantage FX, points out that these gaps tends to be filled, witch could take the price back toward $1,215.00. “This means that a back fill to the $1215 low is possible but this needs to hold otherwise a bigger retracement is on the cards”. According to McKenna the daily chart shows a mixed outlook but still has a slight bias higher.