by Fri, 16 Apr 2010 17:37:00 +0200
Gold futures fall off amid a strong US dollar
Fxstreet.com (Barcelona) - The price of gold futures up for delivery in June have fallen off amid a strengthened US dollar. With increased trading, the price has broken through support levels dropping $22 on the day. At last bid the price was $1137.80, down nearly 2% since open.
The bullion is reacting to a strong US dollar compared to the euro. The euro has been weakened over the day by renewed fears of a nearing Greek default and the implementation of the EMU/IMF rescue package.
While gold has been pointed out to be in a consolidation phase, the drop is more than what most analysts have speculated until now. The Goldcore Bullion Services Team for example recently wrote, "Gold appears to be in consolidation mode after its recent gains and is trading in a range between $1,143 per ounce and $1,170 per ounce, which are support and resistance."
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