Investing.com - Gold futures came under heavy selling pressure during European morning afternoon on Wednesday, falling to the lowest level since August as a bout of technical selling set in after prices broke below a key support level. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,592.70 a troy ounce during European afternoon trade, down 0.7% on the day. Prices fell by as much as 0.9% earlier in the day to hit a session low of USD1,590.40 a troy ounce, the weakest level since August 15. Gold prices were likely to find support at USD1,578.55 a troy ounce, the low from July 25 and near-term resistance at USD1,618.70, February 18’s high. Gold’s losses came after prices went into a “death cross�, triggering fresh sell orders amid bearish chart signals. A “death cross� occurs when the 50-day moving average price falls below the 200-day moving average. From a technical standpoint, gold could see further losses, with market analysts warning of a possible move towards the USD1,550-level. Meanwhile, gold traders looked ahead to the release of the minutes of the Federal Reserve’s January meeting later in the session for hints regarding the central bank’s attitude towards monetary policy. Any policy pause signal from the Fed minutes may send the U.S. dollar higher, pressuring dollar-denominated commodities, including gold. U.S. housing data due later in the day will also be in focus as investors seek more cues on the country's economic health. Any improvement in the U.S. economy could scale back expectations for further easing from the Fed. The precious metal’s safe-haven appeal has waned in recent weeks amid easing concerns over the global economic outlook. Elsewhere on the Comex, silver for March delivery fell 0.95% to trade at a six-month low of USD29.14 a troy ounce, while copper for March delivery dipped 0.2% to trade at USD3.641 a pound.

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