Gold weaker, plummets to $1,150

By FXStreet FXStreet (Edinburgh) – Prices for the yellow metal are trading on a weaker tone today, giving away more than $20 – or nearly 2% – and returning to the $1,150 area per ounce.

Gold lower on potential lift-off in December

Gold prices are retreating further today as market participants keep factoring in the likeliness of a Fed’s lift-off in December, with probabilities now surging to nearly 60% from below 30% on Monday.

Prices for the precious metal saw its downside renewed following the unexpected hawkish tone at the FOMC meeting on Wednesday, still leaving the door open for a rate hike before year-end and boosting the demand for the dollar, which in turn has been weighing on the USD-denominated assets.

Gold significant levels

Gold is now losing 1.98% at $1,152.80 facing the next support at $1,147.40 (50% Fibo of October up move) followed by $1,142.18 (55-day sma) and then $1,137.65 (100-day sma). On the upside, a breakout of $1,166.93 (200-day sma) would expose $1,180.69 (downtrend from 2015 top) and finally $1,189.00 (monthly high Oct.14).
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Source:: FX Street