Gold erases gains, back to $1,310

FXStreet (Córdoba) - The yellow metal rose before the American session from $1,305 to $1,317 hitting the highest price since Friday but then reversed and erased gains.

Gold recently fell to $1,307 and currently trades at $1,309, slightly higher for the day, but far from the highs and closer to daily lows that lie around $1,305.

The area around $1,305 is an important short term support area, that XAU/USD tested during the last three trading days. A break lower would expose $1,300. To the upside, the price of the metal found resistance below $1,320.