FXStreet (Edinburgh) – Prices for the yellow metal are edging higher at the beginning of the week, trading close to $1,120 per ounce.
Gold found bids post-PBoC
The demand for the precious metal has gathered renewed traction following last week’s decision by the PBoC of devaluating the Yuan, as according to analysts the move could affect the decision of the Federal Reserve to hike rates in the next month.
However, market participants remain wary of the upcoming FOMC minutes ahead in the week, which could shed further detail on the Committee’s intentions regarding the timing of the Fed’s lift-off.
Gold levels to watch
Gold is up 0.47% at $1,117.90 and a break above $1,134.57 (high Jul.20) would expose $1,145.81 (high Jul.17) and then $1,149.46 (high Jul.16). On the downside, the immediate support lines up at $1,101.60 (low Aug.12) followed by $1,093.70 (low Aug.11) and then $1,072.30 (2015 low Jul.20).
(Market News Provided by FXstreet)