FXStreet (Edinburgh) – Despite the daily retracement, Gold prices are closing the week with gains after seven consecutive weeks of losses, currently gyrating around the $1,110 level.
Gold lower on USD gains
The troy ounce of the precious metal has receded some ground today pushed by the bid tone around the dollar. However, prices for the yellow metal snapped a multi-week negative streak bolstered by the recent moves by the PBoC, which have triggered safe haven buying across the board.
The better sentiment in the greenback today comes after auspicious releases in the US economy have given extra oxygen to a Fed’s lift-off in September, prompting market participants to return to the USD.
Gold levels to watch
Gold is down 0.31% at $1,112.20 and a break below $1,101.60 (low Aug.12) would aim for $1,093.70 (low Aug.11) and then $1,072.30 (2015 low Jul.20). On the flip side, the initial hurdle lines up at $1,134.57 (high Jul.20) followed by $1,145.81 (high Jul.17) and then $1,149.46 (high Jul.16).
(Market News Provided by FXstreet)