Gold price in red, flirting with $1,090

San Francisco (July 30)  Prices for the yellow metal keeps the negative territory on Thursday around the $1,090 level per ounce.

Gold weaker on USD gains

The troy ounce of Gold is extending its softer momentum this week, weighed by the re-emergence of USD-buying following yesterday’s FOMC statement and today’s US GDP during the second quarter, which showed a 2.3% annual expansion (vs. 2.6% forecasted).

The bearish trend in the precious metal remains intact so far, as market participants continue to factor in positive results in the US economy with the likeliness of the Federal Reserve hiking rates in September.

Gold levels to watch

Gold is down 0.39% at $1,089.00 facing the next support at $1,072.30 (low Jul.24) ahead of $1,045.20 (monthly low January 2010). On the other hand, a surpass of $1,131.70 (high Jul.20) would expose $1,144.00 (high Jul.17) and finally $1,154.20 (high Jul.15).

Source: FXstreet