Spot Gold breaks below $1,110 support as Dollar soars

By IBTimes Staff Reporter | December 18 2009 2:55 AM

FXstreet.com (Barcelona) - Gold continues its retreat from all time high at $1,226 hit on December 3 as Spot Gold dropped below support area at $1,110 with the Dollar soaring across the board.

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Gold decline d on Thursday from $1,141, smashing through $1,110 support, to hit a fresh 6-week low at $1,094, before picking yp during Asian session to reach previous support, turned resistance at $1.109, which is being tested on early European session.

The Dollar has been soaring across the board, parallel to Gold weakness, and EUR/USD hit a fresh 3-month low at 1.4300 while GBP/USD dropped 300 pips on Thursday from 1.6410 to fresh 2-months low at 1.6080, and the USD/JPY reached week high at 90.35.

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