FXStreet (Mumbai) – Gold price on Comex extends its recovery from monthly lows reached last week and keeps gains in the European session amid growing uncertainty surrounding Sept Fed rate hike bets which boosts the demand for the non-interest bearing gold.
Gold holding above $ 1100 levels
Currently, gold trades 0.30% higher at 1106.60, having posted a day’s high at 1108.80 and a day’s low at 1103.90. Gold trimmed gains as the greenback halted its downslide against its major competitors, with the US dollar index erasing losses to now trade at 95.40.
Most analysts are now anticipating that the Fed will leave interest rates on hold when the central bank meets later this week, with the closely-awaited decision due to come on Thursday.
Meanwhile, money managers slashed their net-long position by 36% to 28,286 futures and options in the week to September 8, the US Commodity Futures Trading Commission (CFTC) said on Friday.
Gold Technical Levels
The metal has an immediate resistance at 1110 (Aug 11 Low) and 1113.28 (50-DMA) levels. Meanwhile, support stands at 1100 below which doors could open for 1094 (Aug 11 Low) levels.
(Market News Provided by FXstreet)