FXStreet (Edinburgh) – Prices for Gold remain in the negative territory so far this week, testing multi-year troughs around $1,085 per ounce.
Gold weaker on rate hike prospects, USD
The re-emergence of the buying interest around the US dollar continues to hurt the demand not only of the precious metal, but of the rest of the USD-denominated assets.
In the same direction, prospects of a Fed’s lift-off at some point in the next months – September is still ‘on the table’ – add further downside pressure to the troy ounce of the yellow metal, which remains close to levels last seen in 2010.
Gold levels to watch
Gold is losing 0.48% at $1,085.50 with the next support at $1,072.30 (2015 low Jul.24) followed by $1,045.20 (monthly low January 2010). On the upside, a breakout of $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).
(Market News Provided by FXstreet)