FXStreet (Edinburgh) – Prices for Gold are extending its upside momentum on Wednesday, currently hovering over $1,120/25 band per ounce.
Gold supported around $1,100
Increasing jitters on the health of the Chinese economy plus another lower fixing of the Yuan by the PBoC during the Asian session has ignited a renewed buying interest around the safe haven metal. Gold has thus clinched its fifth consecutive gain, managing to recover levels above the $1,120 per ounce troy.
The generalized softer tone around the greenback has also propped up the upside momentum of Gold and the rest of the USD-denominated assets.
Gold levels to watch
Gold is gaining 1.37% at $1,122.90 and a break $1,134.57 (high Jul.20) would expose $1,145.81 (high Jul.17) and then . On the downside, the immediate support lines up at $1,072.30 (2015 low Jul.24) followed by $1,045.20 (monthly low January 2010).
(Market News Provided by FXstreet)