Gold rebounds after hitting fresh 6-week lows

FXStreet (Córdoba) - Gold is about to finish Friday flat, hovering around $1,292 after bottoming before Wall Street opening bell at $1,285, the lowest price since February 12. From the lows price rebounded but lost momentum near $1,300.

The yellow metal fell for the second week in a row dropping $40, and accumulating a decline of $100 since March 17, when it started the strong reversal. It was the first time since October of last year that XAU/USD falls for two consecutive weeks.

Currently trades around $1,290, which is around the medium price level between the highest ($1,391 March 17) and the lowest (January 3 $1,202).