Commodities – Gold

Gold is falling due to dollar strength. The demand for USD has lessened the appeal for the safe haven precious metal.

Gold prices only reached the 23.6 percent of the Fibonacci retracement measured from September 2011 highs.

Gold‘s decline has subsequently accelerated and has breached below the key level of $1,450 on Friday.

Support is at $1418 is at $1395 and $1388, resistance at $1429 and $1440.

Longer term support is seen at the key level of $1400.

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