Strong USD Adds To Gold's Woes
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Yesterday’s close: Settled at 1277.6, up 1.6
Fundamentals: Gold is lower this morning after failing to close back above our crucial resistance mark yesterday. The Dollar is surging against currency pairs and adding to the technically poor landscape. Although the U.S data has not been good, the U.S is favored as the best house on the block keeping a continuous bid under the Dollar. Chicago Fed National Activity and Existing Home Sales both missed yesterday. Today, we look to New Home Sales and Richmond Fed Manufacturing at 9:00 am CT.
Technicals: Price action is making new lows today after again failing to hold the 1280.8 mark into settlement. The bears have a clear edge below this level and the path of least resistance in the immediate-term is to 1255.8-1258.5.
Resistance: 1280.8**, 1287.5-1291.9***, 1299.8**, 1306.4**, 1312-1314.7***, 1320.5**, 1330.3**