21 Jul 2015
Gold wobbles around $1,100
FXStreet (Edinburgh) - The troy ounce of the precious metal is extending its negative bias on Tuesday, currently hovering over the $1,100 handle.
Gold remains in multi-year lows
The demand for the safe haven metal continue to shrink along with expectations of a Fed’s lift-off in the upcoming months. In addition, a calmer scenario in Greece has eased concerns over the likeliness of ‘Grexit’ for the time being, allowing some sort of ‘back to normalcy’ in the global markets.
Gold prices are retreating for the eighth consecutive session so far, coming back from yesterday’s troughs in the $1,070/75 band, levels last traded in march 2010.
Gold levels to watch
At the moment Gold is losing 0.46% at $1,101.70 with the next support at $1,073.30 (low Jul.20) 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 remains in multi-year lows
The demand for the safe haven metal continue to shrink along with expectations of a Fed’s lift-off in the upcoming months. In addition, a calmer scenario in Greece has eased concerns over the likeliness of ‘Grexit’ for the time being, allowing some sort of ‘back to normalcy’ in the global markets.
Gold prices are retreating for the eighth consecutive session so far, coming back from yesterday’s troughs in the $1,070/75 band, levels last traded in march 2010.
Gold levels to watch
At the moment Gold is losing 0.46% at $1,101.70 with the next support at $1,073.30 (low Jul.20) 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).