11 May 2015
Gold trades in red near $1,180
FXStreet (Edinburgh) - The troy ounce of Gold is extending the recent negative momentum, now trading near session lows in the proximity of $1,180.
Gold weaker on USD
The US dollar is practically advancing vs. all of its major rivals on Monday, prompting the demand for the metal to remain subdued and putting further distance from the critical barrier at $1,200.
The precious metal is clinching the second consecutive loss after the better performance of the greenback following Friday’s Non-farm Payrolls in the US economy (223K).
Gold levels to consider
The metal is now down 0.48% at $1,183.20 and a breach of $1,177 (low May 4) would aim for $1,168.50 (low Mar.20) ahead of $1,159.40 (low Mar.19). On the other hand, the initial hurdle lines up at $1,199 (high May 5) ahead of $1,236.79 (high Feb.16) and then $1,245.91.
Gold weaker on USD
The US dollar is practically advancing vs. all of its major rivals on Monday, prompting the demand for the metal to remain subdued and putting further distance from the critical barrier at $1,200.
The precious metal is clinching the second consecutive loss after the better performance of the greenback following Friday’s Non-farm Payrolls in the US economy (223K).
Gold levels to consider
The metal is now down 0.48% at $1,183.20 and a breach of $1,177 (low May 4) would aim for $1,168.50 (low Mar.20) ahead of $1,159.40 (low Mar.19). On the other hand, the initial hurdle lines up at $1,199 (high May 5) ahead of $1,236.79 (high Feb.16) and then $1,245.91.