The yellow metal tried during yesterday Asian trading session and at the beginning of the US trading session to maintain some recover and then steadied around $ 1301 per ounce.
However soon the gold shift to bearish trend and dropped toward $1287 44 per ounce hitting its second week of consecutive losses.
But the gold remains loosing its demand as a safe haven asset despite the slowing growth of the 2 largest economies in the world: USA and JAPAN.
The yellow metal has succeeded to break through the almost support levels especially the moving average 60 and 90, also the FIbinacci level 38.2,which confirms further decline of the prices toward the key support level of $1285.70 ,and then it is expected to continue its downward movement toward the main targets stated in our daily Newsletters.
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