Gold surrenders gains and turns flat for the day

New York (Sept 26)  Gold reversed intraday gains and turned flat for the day after unrest in Hong Kong took boosted the metal’s appeal.

The yellow metal had risen to the $1,223 an ounce area on safe-haven demand amid unrest in Hong Kong where pro-democracy supporters clashed with police. However, gold failed to sustain gains and retreated all the way back to $1,216 where it trades at time of writing, little changed on the day.

Following three weeks of losses, gold managed to end last Friday posting a minor weekly gain although it remains dangerously close to the $1,200 level.

Gold technical perspective

"GOLD is also not happy with the expensive dollar. The price has stopped at the support area 1212-1215 for now and if we take a look back we can see that the price usually makes a quick test of the 1180 support when it drops below 1210", said Vladimir Mihaylov, FXStreet Independent Analyst. "So inside the area 1210-1180 movement is usually quick downside and quick recovery after that. If you make profit on the downside take it and run away".

Source:  FXstreet