Electronic spot Gold slide in Asia to 1289.46 the low, stabilizing back to 1293 from 1297.05 open

Ross J Burland FXStreet

Gold consolidated in a relatively wide range throughout the European, London and American closing sessions on Friday between a low of $1,293.38 and a high of $1,294.98 spot.

US Sec of State Tillerson: all options remain if N. Korea executes Pacific test

While ending slightly higher it, in fact, posted a weekly decline of more than 2% and the bears are taking control at the start of a new week. The safe-haven metal dropped from 1299 in electronic trading as markets prefer a risk on profile despite the N. Korea news around the announcements that they will test a hydrogen bomb in the Pacific Ocean last week.

The week ahead, US, EU and Japan on the trader's map - Nomura

Gold levels

Gold is in the bear's layer. The bears have pushed the precious metal below the rising channel's trend support line, (23.6 Fibo), around 1323 where its has been trading beneath for all of the last week. The closes below the 1300 level are still significant. 1288 supports for the time being with the 38.2% Fibo level of the rise measured between 1204.81 to 1357.53 at 1299.20 as a near-term target to the upside. Further out, gold bulls need to get back above the double top highs, the 1334 zone.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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