15 Jul 2015
Gold extends the drop below $1,150
FXStreet (Edinburgh) - The troy ounce of the yellow metal is accentuating its weekly decline on Wednesday, trading in sub-$1,150 levels.
Gold in 4-month lows
Prices for Gold remain in multi-month troughs near $1,145, this time dragged lower by a strong comeback of the buying interest around the US dollar following today’s testimony by Chairwoman J.Yellen.
Furthermore, positive results from the US calendar today have also added extra legs to the dollar’s upside, hurting the USD-denominated assets as a consequence.
Gold levels to watch
At the moment Gold is losing 0.50% at $1,147.70 and a break below $1,131.15 (low Nov.7) would aim for $%1,137.30 (low Nov.5). On the upside, the initial resistance lines up at $1,174.88 (high Jul.6) followed by $1,178.70 (high Jun.26) and then $1,188.20 (high Jun.29).
Gold in 4-month lows
Prices for Gold remain in multi-month troughs near $1,145, this time dragged lower by a strong comeback of the buying interest around the US dollar following today’s testimony by Chairwoman J.Yellen.
Furthermore, positive results from the US calendar today have also added extra legs to the dollar’s upside, hurting the USD-denominated assets as a consequence.
Gold levels to watch
At the moment Gold is losing 0.50% at $1,147.70 and a break below $1,131.15 (low Nov.7) would aim for $%1,137.30 (low Nov.5). On the upside, the initial resistance lines up at $1,174.88 (high Jul.6) followed by $1,178.70 (high Jun.26) and then $1,188.20 (high Jun.29).