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Gold hits fresh 2014 lows and rebounds

FXStreet (Córdoba) - Spot gold bottomed on European hours at $1,206/oz, reaching the lowest price since December 2013 and recovered ground after Wall Street opening bell. The value of the ounce climbed to $1,224 and currently is hovering around $1,220; $5 above yesterday’s closing price.

XAU/USD looking for direction

The main trend continues to point to the downside, but in the short term everytime price approached $1,200 it has been followed by a rebound. The bounce from the lows have been limited with the price unable to consolidate above $1,226.

So far during the current week price moved between $1,206 and $1,235; with a sideways bias. Gold is trading slightly up for the week, headed toward the first weekly gain after falling in the previous three.

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