Gold came under some renewed selling pressure and dropped to over a 1-week low after yesterday's brief pause that the greenback took. The US Dollar caught some fresh bids and was eventually seen as one of the key factors prompting some fresh selling pressure for the yellow metal.
Gold looses momentum and drops back below the $1200 level with oversold conditions knocking on the doors. Another fall is more keen to happen during the coming 48 hours with the $1189 as the next level to watch.
Support: 1198.6 1197.75
Resistance: 1207.8 1214.15