FXstreet.com (Córdoba) - Gold is falling for the fifth consecutive day on Wednesday and currently trades at the lowest level since November 13. The price of the metal fell below 1,120 to 1,117 reaching a fresh 3-week low. Stocks at Wall Street are back on the negative side and crude oil trades at $70 a barrel for the first time in two months.
According to James Chen, chief technical analyst at FX solutions if the support around 1,120 fails to hold further major downside support resides around the 1070 price region, and then the 1025 price region.
The Dow Jones is falling 0.10% and the Nasdaq losses 0.35%. Markets in Europe closed in red with a moderate decline as global concerns continue to weight on stocks.