Gold finds support at $1,277

FXStreet (Córdoba) - The price of spot gold fell on Tuesday for the second day in a row and bottomed during the Asian session at $1,277.60, the weakest level since February 11. Price recovered later climbing to $1,287 but once again it was a short lived recovery and fell to test daily lows.

On American hours XAU/USD resumed the downside but the area around $1,277 capped the decline and rebounded. At the beginning of Wednesday the yellow metal is attempting another recovery as ii trade above $1,280.

Gold remains under downside pressure, extending the reversal that started on March from $1,391. In 15 days lost 8%.