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Gold finds support around $1,140

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The troy ounce of the precious metal is extending its weekly decline on Friday, although it has managed to bounce off lows around $1,140 so far.

    Gold lower on lift-off prospects

    Prices for the yellow metal are retreating for the second consecutive week so far, testing 3-week lows in the $1,140 area, as the perspective of a rate hike by the Federal Reserve in December continues to weigh on investors’ sentiment.

    Poor results from today’s Personal Income/Spending and the Reuters/Michigan index kept depressed the demand for the dollar, although it did not help the metal.

    Gold significant levels

    Gold is now losing 0.41% at $1,142.60 facing the next support at $1,137 (100-day sma) followed by $1,125.46 (76.4% of the October up move) and then $1,098.20 (low Sep.11). On the upside, a breakout of $1,157.21 (38.2% of the October up move) would expose $1,180.43 (downtrend from 2015 top) and finally $1,189.00 (monthly high Oct.14).
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