Gold keeps depreciating amid the continued eurozone crisis. On Tuesday, there was a major decline in the market of gold.
The СОМЕХ gold futures contract for July delivery are being traded around $1574,0/oz. At the same time, the gold futures contract for October delivery are evaluated at $1574,2/oz. The morning price in London was around $1573,00/oz.
The negative news form the eurozone (about Spain , in particular) affected gold prices. However, the fact that Moody’s Investors Service downgraded the forecasts for the credit ratings of Germany, Netherlands and Luxembourg affected the market to a greater extent.
The Commodity Trading Department of has reconsidered the wave murk-up due to the prolonged correction. The major scenario is a rally within wave (c ). if the price encounters strong resistance, the alternative scenario will imply wave [x], with a further downswing represented by wave [z] of (b). Therefore the price will make a new local low after breaking below 1562.
