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Gold falls below technical support levels
Since the last update here this morning, the dollar has advanced further and most notably versus the Euro and the Pound. The GBP/USD was covered in the previous update and the EUR/USD has just set a new 2024 low at 1.0518. Both of those moves, coupled with a push back above 156 in the USD/JPY have added fresh pressure onto Gold. So, the metal has now fallen below $2,550 per ounce and hence to the noted 200 week and 100 day moving average levels. To remind the reader, these are in place at $2,544.20 and $2,543.15 respectively and they have now been taken out. Gold has just hit a session low around $2,541, but it is trying to rebound right now
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