Analysis details (17:04)
... and a break below the 200EMA at USD 1,682 triggering stops on the break.
- Another factor attributed to recent downside is that following the London gold fix, residual fixing longs were getting squeezed; spot gold trades USD 1,678.10 last.
- Recent optimism on the fiscal cliff following further discussions has also seen flows away from safer havens such as gold and the USD which trades at fresh lows for the day.
- In terms of next levels of support in spot gold, the 61.8% replacement of the August rally is at USD 1,668, and USD 1,672.5 is the 5th November low, 1,661 is the 200 DMA level.
18 Dec 2012 - 16:39 - - Source: RANsquawk
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