Gold plummets and falls to 1-month lows

FXStreet (Córdoba) - Gold dropped sharply and fell more than $10 an ounce in one hour. Recently reached at $1,176 the lowest level since March 20. The yellow metal is falling 1.50% on Friday, accumulating a weekly decline of 2.25%, the worst performance since February.

Weak data from the US and a decline of the dollar across the board failed to give support to the price of gold. Crude oil is also losing ground, with the WTI barrel currently at $56.60, down 1.45% for the day.

XAU/USD technical levels

To the downside, the immediate support area could be located at $1,175 (Mar 9 high) followed by $1,166.50. On the opposite direction, resistance might now lie at $1,183 (Apr 14, 23 lows) and $1,191.