A bidding USD and recovering stocks are sending Gold lower for Wednesday. A lack of fundamentals is keeping the precious metal tied tightly to 2018's range.
Gold prices are slipping in Wednesday's early session as the US Dollar hangs onto gains fueled by improving US housing starts and industrial productions, and gold spot is sliding back into the 1345.00 area.
Gold has been stuck in a channel for the first quarter of 2018, and the precious metal is continuing to trend sideways, but the metal looks set to drift to the lower end of the range as declining highs provide falling resistance for spot prices, with little to bolster gold prices.
Gold Levels to watch
With Gold beginning to fall back towards the lower bounds of the range, the challenge for bears will be to carry the short action over the last swing low of 1,325.00 and into the bottom at 1,310.00, while bulls will be faced with tough resistance from the top of the range, spread across a resistance zone from 1,350.00 to 1,365.00.
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