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16 Jul 2015
Gold in red near $1,140
FXStreet (Edinburgh) - Gold per ounce is trading in multi-month levels around $1,145 following a strong buying interest around the dollar.
Gold focused on $1,140
The precious metal is trading at shouting distance of the $1,140 level, considered by analysts as a ‘critical support’, which could considerably accelerate the downside if it gets breached.
The hawkish tone by J.Yellen plus better-than-expected figures from the US weekly report on the labour market released today have given extra oxygen to the USD, punishing the yellow metal as consequence and the rest of the USD-denominated assets.
Gold levels to watch
At the moment Gold is losing 0.30% at $1,144.00 and a break below $1,131.15 (low Nov.7) would aim for $%1,137.30 (low Nov.5). On the upside, the initial resistance lines up at $1,174.88 (high Jul.6) followed by $1,178.70 (high Jun.26) and then $1,188.20 (high Jun.29).
Gold focused on $1,140
The precious metal is trading at shouting distance of the $1,140 level, considered by analysts as a ‘critical support’, which could considerably accelerate the downside if it gets breached.
The hawkish tone by J.Yellen plus better-than-expected figures from the US weekly report on the labour market released today have given extra oxygen to the USD, punishing the yellow metal as consequence and the rest of the USD-denominated assets.
Gold levels to watch
At the moment Gold is losing 0.30% at $1,144.00 and a break below $1,131.15 (low Nov.7) would aim for $%1,137.30 (low Nov.5). On the upside, the initial resistance lines up at $1,174.88 (high Jul.6) followed by $1,178.70 (high Jun.26) and then $1,188.20 (high Jun.29).