FXStreet (Edinburgh) – Prices for the yellow metal has advanced beyond the critical $1,100 mark per ounce on Monday, posting gains for the third consecutive session at the same time.
Gold firmer on USD-selling
Speeches by Fed’s Fischer and Lockhart have slipped the likeliness that the Fed might not hike rates in September (as expected until last week), as inflation figures remain quite a relevant concern for the Committee.
Those appreciations hurt the greenback, allowing the precious metal to retake the $1,100 handle and the rest of the USD-denominated universe to extend intraday gains.
Gold levels to watch
Gold is gaining 0.80% at $1,102.90 and a break above $1,110.20 (high Jul.21) 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)