Gold hits fresh 8-month lows below $1,230

FXStreet (Córdoba) - Gold is falling for the fifth day in a row, extending weekly losses on Friday. Recently printed a fresh 8-month low at $1,228/oz and then rebounded rising back above $1,230.

A strong US dollar continues to add pressure to the yellow metal that is trading $35 below the price it had a week ago. If ends around current levels it would be the lowest weekly close for the year.

So far the area around $1,230 is the first immediate support to consider and below here the next comes at $1,226 and then $1,220. To the upside, $1,240 (daily high) it the immediate resistance to consider and above $1,246.50.