FXStreet (Edinburgh) - Gold prices are prolonging its upside momentum on Friday, advancing to the vicinity of $1,170 per ounce.
Gold in multi-week tops
Gold prices remains on the rise, clinching multi-week tops around $1,170 and boosted by the increasing selling interest around the dollar.
Increasing jitters on the health of the Chinese economy continue to build up amongst traders and keep supporting the demand for the precious metal. In the same direction, the likeliness that the Fed could hike rates later in the year, even in Q1 2016, has been also collaborating with the bid tone around the metal.
Gold levels to watch
Gold is advancing 0.52% at $1,159.20 and a surpass of $1,168.32 (high Aug.21) would aim for $1,180.54 (high Jun.30) and finally $1,188.20 (high Jun.29). On the flip side, the initial support lies at $1,132.40 (low Aug.20) followed by $1,115.80 (low Aug.19) and then $1,109.00 (low Aug.18).
Gold in multi-week tops
Gold prices remains on the rise, clinching multi-week tops around $1,170 and boosted by the increasing selling interest around the dollar.
Increasing jitters on the health of the Chinese economy continue to build up amongst traders and keep supporting the demand for the precious metal. In the same direction, the likeliness that the Fed could hike rates later in the year, even in Q1 2016, has been also collaborating with the bid tone around the metal.
Gold levels to watch
Gold is advancing 0.52% at $1,159.20 and a surpass of $1,168.32 (high Aug.21) would aim for $1,180.54 (high Jun.30) and finally $1,188.20 (high Jun.29). On the flip side, the initial support lies at $1,132.40 (low Aug.20) followed by $1,115.80 (low Aug.19) and then $1,109.00 (low Aug.18).
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