Gold vs U.S. dollar: Gold prices fell after U.S. dollar rallied

Gold prices fell during the European/U.S. session after a better than expected ISM Non- Manufacturing PMI data which printed at 54.7 vs the 53.5 forecasts. This allowed the U.S. dollar to rally pushing Gold prices down to Mid October lows at 1478.85.

Gold prices have found support from the previous supporting channel which paralleled to its current price level and may progress to the upside provided that it stays above 1487.00