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Commodity Daily News
Gold Sinks on USD Strength
Thursday, 15 Dec 2011
The price of spot gold was down sharply for the third day in a row following another bout of USD strength. It is becoming more apparent that gold may not be the safe haven asset that it was previously hyped to be. In times of low market sentiment traders continue to pile into the known safe havens such as the USD and the JPY. With gold prices down 6% this week and it only being Thursday there could be room for additional declines in the commodity. Spot gold has support at the September low of $1,532. Resistance is located at the October 20th low of $1,607.
