Gold slips to a fresh four-day low

Improved market mood and soft physical demand hurt gold prices.
Spot gold now bearish, at least as it holds below 1,335.35.

Valeria Bednarik FXStreet

The American dollar continues climbing against the safe-haven metal, despite demand against other currencies receded after Wall Street's opening. The improving mood among equities traders, with indexes bouncing from daily lows, and US Treasury yields holding on to gains after an auction, hurt gold. Spot trades at $1,332.50 a troy ounce, under pressure since the day started as mute demand from Asian jewelers combined with a resurgent greenback.

At the time of writing, the DJIA is down 100 points from Friday's closing level, but over 120 above an early intraday low, while the Nasdaq Composite trades 0.53% higher as the S&P hovers around its opening.

Technical outlook

Gold is nearing 1,330.00 its daily low and the immediate short-term support, followed by the 1,325.00 region, where it has multiple intraday highs and lows from the previous month. 1,335.35 is the immediate resistance, as the level stands for the 23.6% retracement of its December/January rally, and it will take a daily close above the level to see the current downward pressure easing.

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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