Gold Falls, USD Firms

EghtesadOnline: Gold fell on Wednesday finding little impetus from easing equities as the dollar rose to a four-month high on the back of better-than-expected US housing data, Reuters reported.

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22 July 2016

The dollar firmed on Wednesday, as strong US data and rising expectations that the Bank of Japan will muster additional easing steps sent the dollar index to four-month highs. Spot gold fell 0.5% to $1,324.83 an ounce. It closed at $1,331.73 on Tuesday. US gold was down 0.5% at $1,325.60 an ounce. Spot gold is biased to fall to $1,313 per ounce after completing its consolidation within a small wedge, as per Reuters technical analyst Wang Tao.