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20 May 2014
Gold erases losses, consolidates around $1,295
FXStreet (Córdoba) - Spot gold managed to erase losses during the American session and currently is hovering around $1,294, up 0.04% from yesterday’s closing price. Earlier XAU/USD dropped to $1,285 hitting the lowest value since May 12.
After bottoming spot gold jumped, rising from $1,287 to $1,296 in a few minutes. During the American session price peaked at $1,297 and then bounced slightly to the downside.
XAU/USD technical outlook
The price continues to move around $1,300; unable to consolidate above but also every decline is being followed by a recovery, like today. Spot gold remains trendless in the short term, with a strong support above $1,270 and resistance at $1,305 and $1,315.
After bottoming spot gold jumped, rising from $1,287 to $1,296 in a few minutes. During the American session price peaked at $1,297 and then bounced slightly to the downside.
XAU/USD technical outlook
The price continues to move around $1,300; unable to consolidate above but also every decline is being followed by a recovery, like today. Spot gold remains trendless in the short term, with a strong support above $1,270 and resistance at $1,305 and $1,315.