23 Jul 2015
Gold closed with gains below $1,100
FXStreet (Edinburgh) - The troy ounce of the precious metal has snapped a 10-session negative streak on Thursday, closing in levels below the $1,100 handle.
Gold remains weak
Despite today’s positive performance, the demand for the safe haven metal remains subdued, as the likeliness of a rate hike by the Federal Reserve in the upcoming months continue to linger over the global markets.
In spite of the very auspicious results from the US docket, today’s softer tone around the greenback has also collaborated with the metal’s upside.
Gold levels to watch
Gold closed at $1,094.10, advancing 0.06%, 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 weak
Despite today’s positive performance, the demand for the safe haven metal remains subdued, as the likeliness of a rate hike by the Federal Reserve in the upcoming months continue to linger over the global markets.
In spite of the very auspicious results from the US docket, today’s softer tone around the greenback has also collaborated with the metal’s upside.
Gold levels to watch
Gold closed at $1,094.10, advancing 0.06%, 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).