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Gold flat around $1,080

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - Prices for the precious metal are posting marginal gains so far, currently hovering over the $1,080 handle per troy ounce.

    Gold remains in 5-year lows

    The yellow metal is retreating for the fourth consecutive week so far, the worst negative streak since the June-July drop.

    The better tone of the US dollar remains the man drag for Gold prices so far, all against the backdrop of increasing expectations of a rate hike by the Federal Reserve at its meeting next month.

    At her speech today, Cleveland Fed Loretta Mester has advocated for a Fed’s lift-off next month, adding that the US economy is ready for higher rates.

    Gold significant levels

    As of writing the troy ounce of Gold is up a marginal 0.06% at $1,081.60 facing the next support at $1,045.20 (monthly low Feb.2010) followed by $1,000 (psychological level) and finally $865.00 (monthly low Apr.2008). On the other hand, a break above $1,129.34 (100-day sma) would expose $1,133.25 (55-day sma) and finally $1,160.12 (200-day sma).
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