(Exchange:XAU=) slumped to its lowest level in 15 months on Monday, leaving investors split over the near-term outlook as it trades near key technical levels.
Better-than-expected U.S. jobs data on Friday boosted the dollar (New York Board of Trade (Futures): =USD) and dampened safe-haven demand for gold, pushing prices to $1,183.46 on Monday.
A break below key support $1,180 would spell further pain for gold, said Chris Weston, chief market strategist at IG (London Stock Exchange: IGG-GB). Gold fell to the $1,180 level twice last year, in the second and fourth quarter, but rebounded on both occasions.
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