FXstreet.com (Córdoba) - Gold broke below the support at $1,110 and fell to reach levels below $1,100. Currently the ounce trades at $1,096.10, the lowest level of the day. If gold falls further it could find support at last week lows that lie at 1,094 (Dec 17 low) and below at 1,080 (Nov 4 low) and 1,066.
We would look for speculative and investment bargain hunting buying to provide further support in the coming sessions although with the stronger dollar still the primary driving force the metal remains at risk to a dip back to the $1050-80 area. said James Moore, an analyst at TheBullionDesk.com,
The Oil N' Gold Team affirms: In the long term picture, rise form 681 is treated as resumption of the long term up trend from 1999 low of 253 after interim consolidation from 1033.9 has completed in form of an expanding triangle. Next long term target is 100% projection of 253 to 1033.9 from 681 at 1460 level. We'll hold on to the bullish view as long as 931.3 structural support holds.