FXStreet (Edinburgh) – Prices for the precious metal are trading in a narrow range on Thursday, although managing to post marginal gains around $1,090 per ounce so far.
Gold bid as stocks drop
The negative tone in the US equities has been supporting today’s renewed demand for the safe haven metal, lifting Gold to the boundaries of the $1,095 level.
However, Gold prices face the increasing possibility of further downside pressure in case tomorrow’s Non-farm Payrolls in the US economy surprise to the upside, with consensus expecting just above 220K for the month of July.
Gold levels to watch
Gold is gaining 0.34% at $1,089.30 and a break above $1,098.00 (high Aug.3) would open the door to $1,103.20 (high Jul.31) and then $1,110.20 (high Jul.21). 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)