FXStreet (Edinburgh) – The troy ounce of the precious metal is extending its upbeat momentum on Tuesday, keeping its gains around the $1,110 level.
Gold up following the PBoC
The yellow metal is clinching its fourth consecutive session with gains in spite of the better tone in the US dollar following today’s move by the PBoC.
Experts were arguing that the better tone of Gold prices could be following safe haven buying by Chinese investors in order to offset the lower Yuan.
Gold levels to watch
Gold is gaining 0.43% at $1,108.90 and a break above $1,119.00 (high Aug.11) would open the door to $1,134.57 (high Jul.20) and then $1,145.81 (high Jul.17). 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)