Gold price erases daily gains, headed for a weekly loss

New York (Nov 20)  Gold failed to sustain early gains and turned negative for the day, as the greenback strengthened across the board during the New York session, dragging the metal back below $1,080 an ounce.

The yellow metal dropped to a low of below $1,076 an ounce, retracing previous day’s impressive gains.

Gold prices remain under pressure amid prospects the Federal Reserve will raise rates at its next meeting, with the metal having posted a 5 ½-year low of $1,065 an ounce on Wednesday, from where it staged a comeback during the second half of the week.

However, the recovery was limited by $1,088, now immediate resistance area to watch.

Source: FXstreet