FXStreet (Edinburgh) – Prices for the yellow metal remains on the wrong footing on Tuesday, trading in a narrow range near $1,095 per ounce.
Gold weaker ahead of FOMC
The re-emergence of the bid tone around the US dollar has been weighing on Gold prices since early trade, prompting the metal to trade in a cautious tone ahead of tomorrow’s FOMC meeting.
In addition, the safe haven metal saw its demand diminishing following a better performance of the Chinese stock markets today in comparison with Monday’s sharp drop.
Gold levels to watch
Gold is down 0.20% at $1,094.70 with the immediate support at $1,072.30 (low Jul.24) followed by $1,045.20 (monthly low January 2010). On the other hand, a breakout of $1,131.70 (high Jul.20) would expose $1,144.00 (high Jul.17) and then $1,154.20 (high Jul.15).
(Market News Provided by FXstreet)