Gold in red below $1,130

By FXStreet FXStreet (Edinburgh) – Gold prices are trading in a narrow range on Thursday, currently posting moderate losses around $1,125 per ounce.

Gold in weekly lows

The precious metal has reverted the positive tone seen during the first half of the week, coming down from the recent spike to levels beyond $1,140 amidst positive results in the US economy and the resurgence of the buying interest in the dollar.

The next risk event for gold prices will be tomorrow’s Non-farm Payrolls, where a continuation of the solid recovery in the labour market could fuel expectations of a rate hike by the Fed in September, weighing on Gold prices as consequence.

Gold key levels

As of writing Gold is down 0.80% at $1,124.50 with the next support at $1,121.10 (low Sep.3) followed by $1,116.90 (low Aug.26) and then $1,108.50 (low Aug.18). On the upside, a surpass of $1,147.30 (high Sep.1) would expose $1,156.30 (high Aug.25).
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Source:: FX Street