24 Jul 2015
Gold in 5-year lows near $1,090
FXStreet (Edinburgh) - Gold prices remains below the $1,100 per ounce on Friday, extending the negative streak to five weeks.
Gold in multi-year troughs
A better tone in the greenback plus market expectations for a Fed’s lift off late in the year (probably September) kept weighing on the safe haven metal throughout the week, relegating it to levels last seen in March 2010 around $1,070.
Market consensus expects the upcoming FOMC meeting to be tilted to the hawkish side and presumably opening the door for a rate hike in September, adding further downside sentiment to the metal with the critical $1,050 handle already on the horizon.
Gold levels to watch
Gold is up 0.05% at $1,094.60, advancing 0.06%, with the next support at $1,072.30 (low Jul.24) ahead of $1,045.20 (monthly low January 2010). On the upside, the initial resistance lines up at $1,131.70 (high Jul.20) followed by $1,144.00 (high Jul.17) and then $1,154.20 (high Jul.15).
Gold in multi-year troughs
A better tone in the greenback plus market expectations for a Fed’s lift off late in the year (probably September) kept weighing on the safe haven metal throughout the week, relegating it to levels last seen in March 2010 around $1,070.
Market consensus expects the upcoming FOMC meeting to be tilted to the hawkish side and presumably opening the door for a rate hike in September, adding further downside sentiment to the metal with the critical $1,050 handle already on the horizon.
Gold levels to watch
Gold is up 0.05% at $1,094.60, advancing 0.06%, with the next support at $1,072.30 (low Jul.24) ahead of $1,045.20 (monthly low January 2010). On the upside, the initial resistance lines up at $1,131.70 (high Jul.20) followed by $1,144.00 (high Jul.17) and then $1,154.20 (high Jul.15).