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14 May 2014
Golds ends Wednesday above $1,300
FXStreet (Córdoba) - Spot gold rose on Wednesday and finished hovering around $1,305 with a gain of $11, having the second best day since the beginning of May. The value of the ounce gained momentum during the European session, when it broke above $1,300 and jumped to $1,309 reaching the highest price since May 7.
During the American session XAU/USD pulled back to $1,302 but then rebounded rising toward $1,306.
XAU/USD facing a downtrend line
The rally of the yellow metal found resistance on Wednesday around $1,309 where a downtrend line in the four chart stands, originated on April 15 highs. A break higher, could trigger stops and pushed gold toward $1,315 (last week highs).
To the downside below $1,300, support levels might be located at $1,290 an then $1,285 (May 8 lows).
During the American session XAU/USD pulled back to $1,302 but then rebounded rising toward $1,306.
XAU/USD facing a downtrend line
The rally of the yellow metal found resistance on Wednesday around $1,309 where a downtrend line in the four chart stands, originated on April 15 highs. A break higher, could trigger stops and pushed gold toward $1,315 (last week highs).
To the downside below $1,300, support levels might be located at $1,290 an then $1,285 (May 8 lows).