Closed in NY at $1.3560 and opened gap down at $1.3519 over weekend press reports in the Wall Street Journal and Sydney Morning Herald on Ireland and Greece concerns
City Index February 14, 2011 12:30 PM
<p>EUR/USD Range: 1.3501 – 1.3558 Support: 1.3500 Resistance: 1.3570 Closed in NY at $1.3560 and opened gap down at $1.3519 over weekend press reports in […]</p>
Spot Gold prices slumped again on Friday as the Egypt crisis ended peacefully with President Mubarak stepping down to make way for the military to rule the country in the interim. This led to a sharp fall in Oil prices and took away some of the safe haven attraction for Gold as fears of further Middle Eastern countries following the Egyptian uprising, began to recede. Gold opened at $1363.70 and briefly rose to $1368.75 before confirmation of the news broke and the metal slid sharply to $1354, closing the week around $1357.00. The metal has now failed to make consistent closes above the 100 day moving average currently just under $1365 and this level needs to be exceeded and held now to rekindle the bullish tone of recent months.
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