FXStreet (Edinburgh) – The troy ounce of the precious metal is advancing on Monday, although it has returned below the $1,100 handle after climbing as high as $1,105 in early trade.
Gold firmer on weaker dollar
Today’s increasing offered tone around the US dollar is helping the yellow metal to regain part of the recent sharp pullback, which saw levels last seen in February 2010 near $1,070.
However, experts have already argued that the current rebound reflects technical reasons, leaving the broader bearish context unaltered. Ahead in the week, the next risk event for Gold prices will be the FOMC meeting on Wednesday.
Gold levels to watch
Gold is up 0.83% at $1,095.10 with the initial resistance at $1,131.70 (high Jul.20) followed by $1,144.00 (high Jul.17) and then $1,154.20 (high Jul.15). On the downside, a break below $1,072.30 (low Jul.24) would aim for $1,045.20 (monthly low January 2010).
(Market News Provided by FXstreet)