The yellow metal is continuing its decline, as the metal traded near the 1,260 mark on Thursday morning. However, there are bad news for the bears, as during the data releases of Wednesday the commodity price managed to surge and reach above the 1,280 mark, which most likely triggered a lot of stop losses. The bullion retreated once more to trade near the 1,260 after the Federal Reserve made their announcements at 18:00 GMT during yesterday’s trading session. It can still be expected that the gold price will decline down to the 1,255.79 mark where the first weekly support was located at on Thursday. The support is also strengthened by the close by located monthly pivot point at the 1,253 mark.
