18 Aug 2015
Gold in a tight range near $1,120
FXStreet (Edinburgh) - The troy ounce of the precious metal is posting marginal losses on Tuesday, navigating a narrow range in the vicinity of $1,120.
Gold focus on FOMC minutes
Gold prices are retreating for the third consecutive session so far, surrendering part of the recent advance after bouncing off multi-month lows. The demand for the yellow metal gained further traction following last week’s PBoC moves, although caution amongst traders and the upcoming FOMC minutes on Wednesday seem to be capping further gains.
In addition, the positive tone from the greenback after auspicious releases in the US housing sector is also collaborating with today’s decline in gold prices.
Gold levels to watch
Gold is down 0.24% at $1,115.70 with the immediate support at $1,101.60 (low Aug.12) followed by $1,093.70 (low Aug.11) and then $1,072.30 (2015 low Jul.20). On the upside, a surpass of $1,134.57 (high Jul.20) would aim for $1,145.81 (high Jul.17) and finally $1,149.46 (high Jul.16).
Gold focus on FOMC minutes
Gold prices are retreating for the third consecutive session so far, surrendering part of the recent advance after bouncing off multi-month lows. The demand for the yellow metal gained further traction following last week’s PBoC moves, although caution amongst traders and the upcoming FOMC minutes on Wednesday seem to be capping further gains.
In addition, the positive tone from the greenback after auspicious releases in the US housing sector is also collaborating with today’s decline in gold prices.
Gold levels to watch
Gold is down 0.24% at $1,115.70 with the immediate support at $1,101.60 (low Aug.12) followed by $1,093.70 (low Aug.11) and then $1,072.30 (2015 low Jul.20). On the upside, a surpass of $1,134.57 (high Jul.20) would aim for $1,145.81 (high Jul.17) and finally $1,149.46 (high Jul.16).