FXstreet.com (Barcelona) - Gold price was rattled on Friday, loosing nearly 2% of its value to close at $1,105.00 area. Price fell very strongly, over $25 an ounce, through 2 very intense hours of selling-off action. The precious metal was unsupported by investors on a stronger USD.
The greenback moved lower to visit 1.3500 area against EUR, such decline in the most traded pair across the globe triggered the frenetic drop in gold. Greece deficit affairs and India rate hike speculation may have influenced the bearish sentiment too.
According to Oil N' Gold analysts team, 1,097.30 remains a key level to pay attention to: "As long as 1097.3 support holds, we'd favor the bullish case that correction from 1227.5 is completed and rise from 1044.5 is resuming larger up trend to another high above 1227.5"
