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Gold fills gap, erases gains

FXStreet (Córdoba) - After rising sharply at the beginning of the week, gold prices reversed and dropped erasing all gains. Currently the ounce trades at $1084.00, near the levels it closed on Friday.

Up and down, now what?

The yellow metal dropped to test multi-year lows last Thursday and found support at 1074.00. Then rebounded and today started the week with a bullish gap around $1089 and rose further on Asian hours hitting at $1098 the strongest level since November 6. Then gold started to pullback and dropped further during the American session. Recently bottomed at $1082.50, filling the gap.

The metal was moving away from the lows attempting to start a correction rally after falling more than USD 100 from October 20 to November 12. Technical indicators where favoring a recovery but after today’s reversal the outlook is less clear.

A consolidation on top of $1090 could boost prices to the upside, while to the downside, a daily close under $1080 could signal a test of the $1070 area.

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