FXstreet.com (Córdoba) - Gold prices are falling sharply on a stronger Dollar. The yellow metal tumbled from $1,135 to 1,107 reaching the lowest price since January 4, the first trading day of 2010. To the downside support could be located at $1,100 and below at $1,086 (Dec 30 low) and $1,168/70.
Gold lost momentum after it broke to the downside a range between 1,140 and 1,125 in which it has been trading since last week.
Crude oil is also falling sharply on Wednesday. The barrel trades at $77.48 and is approaching to the support zone at 77.00 (yesterday's low).
Downside momentum remains unconvincing with 4 hours MACD staying above signal line and intraday bias is still neutral. Nevertheless, note that another fall is expected as long as 79.62 minor resistance holds and below 76.76 will target 83.95 towards 61.8% retracement of 68.59 to 83.95 at 74.46, the Oil N' Gold Team affirms. But downside should be contained there and bring rally resumption.