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Gold falls to 12-week lows

FXStreet (Córdoba) - Gold continued to decline during the American session and bottomed at $1,261/oz, the lowest price since June 17. Afterwards bounced slightly to the upside but the recovery was limited.

The yellow metal finished trading around $1,266 and posted the lowest daily close in twelve weeks, down 1.65% for the day. The strength of the US dollar pushed the XAU/USD to the downside, despite the Ukraine crisis, that boosted the price of the metal during the last month.

Spot gold below August lows

Tuesday’s price action was relevant from a technical perspective. The price broke below August lows located around $1,272 that offered support on various occasions and so far, is confirming the break suggesting that the slide could continue.

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