Gold drops to 1-month lows

The metal is under pressure amid stronger USD and better sentiment
Next support lies near $1,300 an ounce

Ani Salama FXStreet

Gold prices fell to their lowest level in a month on Wednesday, weighed by broad based USD strength and higher US Treasury yields. Better sentiment in financial markets also put pressure on safe-haven gold.

XAU/USD lost more than 20 bucks from session highs and scored a low of $1,311 an ounce, last seen Jan 10. The yellow metal managed to recover slightly and was last trading around $1,313.50 an ounce, down 0.83% on the day.

Spot gold is posting its second daily decline in a row, and the third in four days. The metal peaked back in January at $1,366 an ounce, its highest level in a year and a half.

XAU/USD technical levels

As for technical levels, next supports are seen at $1,302, $1.293 and $1,279. On the flip side, resistances could be found at $1,332, $1,350 and $1,366.

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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