Com­mod­ity spot­light - Gold

Financial Mirror (Cyprus) - - WORLD -

Gold ex­pe­ri­enced a heavy de­pre­ci­a­tion dur­ing Fri­day’s trad­ing ses­sion mostly due to an ap­pre­ci­at­ing US Dol­lar.

The price ac­tion wit­nessed in re­cent weeks con­firms how the Dol­lar al­ways has the fi­nal say in where the yel­low metal trades. Although the un­favourable mar­ket con­di­tions and geopo­lit­i­cal risk fac­tors have at­tracted in­vestors to­wards safe­haven Gold, the pre­cious metal re­mains gov­erned by King Dol­lar. Tak­ing a look at the tech­ni­cal pic­ture, there is a strong re­sis­tance at $1,228. Sus­tained weak­ness below this level could inspire a move back down to­wards $1,218.

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