4 Aug 2015
Gold turns negative below $1,090
FXStreet (Edinburgh) - The abrupt resurgence of the buying interest around the US dollar is dragging prices for the precious metal to sub-$1,090 per troy ounce on Tuesday.
Gold lower on USD firmness
The USD-denominate assets are taking a serious hit after Atlanta Fed D.Lokchart’s comments favoured a rate hike by the Fed in September, assessing at the same time that the US economy is ready for higher rates.
The troy ounce of the yellow metal rapidly left the positive territory in response to the USD pick up, falling near $1,085, or daily lows.
Gold levels to watch
Gold is losing 0.15% at $1,087.80 with the next support at $1,072.30 (2015 low Jul.24) followed by $1,045.20 (monthly low January 2010). On the upside, a breakout of $1,098.00 (high Aug.3) would open the door to $1,103.20 (high Jul.31) and then $1,110.20 (high Jul.21).
Gold lower on USD firmness
The USD-denominate assets are taking a serious hit after Atlanta Fed D.Lokchart’s comments favoured a rate hike by the Fed in September, assessing at the same time that the US economy is ready for higher rates.
The troy ounce of the yellow metal rapidly left the positive territory in response to the USD pick up, falling near $1,085, or daily lows.
Gold levels to watch
Gold is losing 0.15% at $1,087.80 with the next support at $1,072.30 (2015 low Jul.24) followed by $1,045.20 (monthly low January 2010). On the upside, a breakout of $1,098.00 (high Aug.3) would open the door to $1,103.20 (high Jul.31) and then $1,110.20 (high Jul.21).