According to standard bank daily report, gold price started to decline after the unexpected data from USA concerned by durable goods orders, consumer confidence and new home sales, the issue which added more pressure on the yellow metal.
Another direct source for pressure on the precious metal came from Asia Chinese banking liquidity program pushed the investors to the Stock market directly.
Unexpected movement taken place in the European market, it was the heading of the European investors toward the US dollar aiming short covering process. Gold price support level is at $1,237 and $1,244 USD/ Ounce. Resistance level is at $1,258 and $1,285 USD/ Ounce.