Spot gold prices have fallen at the beginning of the New York trading session. The daily candlestick suggests more drops in the price may follow with support coming in at a short term trend line.
Following the earlier drop in price during the European trading session, spot gold continues to fall as trading gets underway in New York. The price of spot gold is currently down at $1,375 from an opening day price of $1,387.
Further declines in the price may occur as today’s candlestick is taking the shape of a shaved head which indicates bearishness in the commodity.
Support for spot gold is found at a rising short term trend line off of the late November and December lows. Today the support comes in at $1,365. Resistance is found at the mid-December high at $1,392.
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Russell Glaser is a Currency Analyst with ForexYard. Russell provides analysis in the FX spot market by employing fundamental research methodologies. In addition to currencies, Russell closely follows the correlation between the Commodities market and the movement of equities. His writings have been published on the ForexYard Trading Blog and associated partner sites. Prior to joining Forexyard, Russell Glaser served as a management consultant in the financial services industry, advising Fortune 100 companies. Russell holds a degree in finance from the Fisher College of Business at The Ohio State University.
