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22 Apr 2016
Gold drops sharply and hits levels under $1.230
The value of the ounce of gold lost almost $20 during the American session. Near the end of the week, it dropped to $1.227,30 hitting the lowest since April 15. Earlier, on Asian hours, it traded above $1.250.
The yellow metal was affected by a stronger dollar and also it accelerated the decline after breaking important short-term technical levels, like the $1242 resistance zone. From the lows it managed to rise back above $1.230.
It finished the week practically unchanged from where it was seven days ago and considerable away from the highs. On Thursday the price soared to $1271, the strongest level in five weeks but then it reversed sharply, erasing all gains.
On a wider perspective, gold continues to move in a range, unable to hold above $1260 and hovering around $1235.
The yellow metal was affected by a stronger dollar and also it accelerated the decline after breaking important short-term technical levels, like the $1242 resistance zone. From the lows it managed to rise back above $1.230.
It finished the week practically unchanged from where it was seven days ago and considerable away from the highs. On Thursday the price soared to $1271, the strongest level in five weeks but then it reversed sharply, erasing all gains.
On a wider perspective, gold continues to move in a range, unable to hold above $1260 and hovering around $1235.