13 Aug 2015
Gold retreats from highs, around $1,115
FXStreet (Edinburgh) - Gold prices are snapping a 5-session winning streak, posting moderate losses around the $1,115 level per ounce.
Gold weaker on USD bid
Concerns over the Chinese economy have somewhat diminished today after PBoC officials ruled out a ‘10% devaluation’ target for the yuan, allowing the greenback to recover part of the ground lost throughout the week.
Recall that the recent moves by the PBoC have sparked fears of a potential slowdown in the Chinese economy, intensifying the inflows to the safe haven metal and pushing the troy ounce at shouting distance from the $1,130 area.
Gold levels to watch
Gold is down 0.77% at $1,114.90 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).
Gold weaker on USD bid
Concerns over the Chinese economy have somewhat diminished today after PBoC officials ruled out a ‘10% devaluation’ target for the yuan, allowing the greenback to recover part of the ground lost throughout the week.
Recall that the recent moves by the PBoC have sparked fears of a potential slowdown in the Chinese economy, intensifying the inflows to the safe haven metal and pushing the troy ounce at shouting distance from the $1,130 area.
Gold levels to watch
Gold is down 0.77% at $1,114.90 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).