30 Jan 2014
Gold finds resistance at $1,270
FXstreet.com (Córdoba) - Gold posted important gains on Wednesday, rising more than $10 and recovering after falling in the previous two trading days. The rally of the metal found resistance at $1,270.
At the beginning of Wednesday the price found support at $1,248. During the European session, before the FOMC statement the price broke above $1,260 and jumped to $1,269. Following Fed’s decision to taper another $10B the price fell quickly to $1,256 but rebounded strongly reaching at $1,270.10 the highest price since Monday.
Early in Asia, the upside is losing momentum and price is falling moderately. At the moment of writing trades at $1,265. To the downside immediate support lies at $1,261 and below at $1,257. Resistance could be located at $1,270 (January 29 highs) and $1,280.
At the beginning of Wednesday the price found support at $1,248. During the European session, before the FOMC statement the price broke above $1,260 and jumped to $1,269. Following Fed’s decision to taper another $10B the price fell quickly to $1,256 but rebounded strongly reaching at $1,270.10 the highest price since Monday.
Early in Asia, the upside is losing momentum and price is falling moderately. At the moment of writing trades at $1,265. To the downside immediate support lies at $1,261 and below at $1,257. Resistance could be located at $1,270 (January 29 highs) and $1,280.