FXStreet (Edinburgh) – The troy ounce of the precious metal is posting marginal losses on Monday, keeping a tight range around the $1,130 area.
Gold closes the month with gains
The yellow metal is closing the month on a positive footing after two consecutive pullbacks, managing to bounce off the $1,080 area and to retake the vicinity of $1,170 earlier in the month.
However, the likeliness of the Federal Reserve hiking rates at some point before year-end keeps limiting bullish attempts, as market participants see better value in riskier assets.
Gold key levels
As of writing Gold is losing 0.11% at $1,132.80 facing the next support at $1,123.10 (low Aug.28) followed by $1,116.90 (low Aug.26) and then $1,108.50 (low Aug.18). On the upside, a surpass of $1,140.30 (high Aug.28) would expose $1,146.00 (high Aug.26) and finally $1,156.30 (high Aug.25).
(Market News Provided by FXstreet)