US gold futures leaped back to their lowest level in a week
US gold futures leaped back to their lowest level in a week on an intraday basis, with the April contract ending down $3.70 to $433.90 an ounce on the New York Mercantile Exchange.
Despite the fact that on Monday god reached its 2 months high, yesterday?s sharp slump was not unexpected.
James Moore of TheBullionDesk.com said he sees support for gold in the range of $430 to $438 and believes the market "continues to favor a test toward $440 to $445."
However, Dale Doelling, chief market technician of Trends In Commodities, was more circumspect about the short-term outlook. He said that April gold "may need to test the support area at $430.50 before rallying further.?