Gold Weakens, 1112 Resistance Alert

Gold prices fell under pressure Wednesday to the area of $ 1,101 per troy ounce. Decline in the gold price this could be because the market took profit ahead of the monetary policy meeting of the Federal Reserve next week.

 Gold prices are now moving in the range of 1106. Prices are still visible weighed down under immediate resistance during 1112. This pressure can push the price back to test yesterday's lows at 1101. A break below 1101 unlocks the potential weakening to the area from 1093 to 1090.

 While strengthening up in 1112 chance of unlocking the potential gains to the area in 1119.

 Today's data could be a market mover is data weekly US Unemployment Benefit Claims that if the result is higher than expected, might help strengthening gold prices due to the weakening US dollar.