Gold prices continue to fall as a recovery was denied by the $1198 level while the Dollar index hits fresh year highs. The price is holding just above the $1187 level and seems poised to extend its losses as we await for the US retail sales report which is expected to print softer today.
After being denied by the $1198 resistance level, Gold prices are keen to continue falling and test the $1188 support level. If the price managed to hold above this level, a recovery towards the $1193 level seems more likely to happen before a bearish wave hits again especially since the yellow metal is in a deep oversold state.
Support: 1183.5 1168.8
Resistance: 1992.50 1197.75