Forex Marketz Daily Forex News – Fully Markets Update
Gold retakes the ,100 handle
FXStreet (Edinburgh) – The precious metal has regained the critical $1,100 handle after dropping to more than 5-year lows around $1,070 per ounce during overnight trading.
Gold bounces off $1,070
The troy ounce of the yellow metal is retreating for the sixth consecutive session so far, including a visit to the $1,075/70 band during Asian trading hours, levels last seen in February 2010.
The recent advance in the US dollar plus a soft demand for safe have assets has been weighing on the metal for the last weeks, intensified however after the EU-Greece deal last week.
Gold levels to watch
At the moment Gold is losing 2.29% at $1,106.00 with the next support at $1,073.30 (low Jul.20) ahead of $1,145.20 (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).
For more information, read our latest forex news.
Source: FXStreet
