Gold price advances near $1,095
New York (Aug 7) Prices for the precious metal are clinging to the positive territory so far, trading in the vicinity of $1,095 per ounce after hitting highs just below the $1,100 handle.
Gold capped by $1,100
The yellow metal has managed to leave behind Payrolls-induced lows in the $1,080 neighbourhood, advancing since then along with an increasing offered tone in the US dollar.
Gold prices will remain under pressure nonetheless, as today’s solid results from the US labour market have left intact the chances of a Fed’s lift-off in September.
Gold levels to watch
Gold is gaining 0.34% at $1,093.80 and a break above $1,099.00 (high Aug.7) would open the door to $1,103.20 (high Jul.31) and then $1,110.20 (high Jul.21). On the downside, the immediate support lines up at $1,072.30 (2015 low Jul.24) followed by $1,045.20 (monthly low January 2010).