FXstreet.com (Barcelona) - Gold prices reversal from all time high at $1,226.70 on December 3, extended on Tuesday to a fresh 7-week low at$1,075, right above $1,070, Oct 13 and 14 highs, before picking up and consolidate between $1,082 and $1,088 during Wednesday's Asian session.
According to the Kshitij Consultancy Service Team, the current Dollar rally is keeping downside pressure on Gold, which could drop as low as 1070-50 : Gold (1088.50) is continuing to trade below 1100. The stronger dollar is keeping up the downside pressure on the Commodity. As mentioned earlier we might see a fall towards 1070-50 in the coming days.
On a wider perspective, XAU/USD remains bullish, and Gold could bounce up from levels around $1,050, says the Kshitij Consultancy Service Team: As the broader outlook remains bullish we can expect a bounce back from 1050 levels.