Spot Gold prices headed lower on Thursday partly on some squaring up ahead of the Christmas holidays and lack of further bad news in the Eurozone. Stronger US jobless data added some pressure despite firmer crude oil prices hitting the $100 level . That said, bargain hunters continue to buy on dips and physical demand is still evident despite the thinning market conditions. The metal opened yesterday at around $1615 and slipped in Asia to $1603 before a bounce in Europe to $1617. Gold then drifted off again to $1598 in NY before closing the day at $1606.15. Asian markets this morning have rallied the metal back up to $1614 before settling around $1610.50. Today’s support is at $1598 and $1588 with resistance at $1617 and $1642.
EasyForexNews Research Team