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17 Mar 2015
Gold keeps multi-month lows
FXStreet (Edinburgh) - The troy ounce of the precious metal dropped further on Tuesday, toying with levels last seen in November 2014 near $1,142.00.
Gold focus on the FOMC
The cautious tone prevailed amongst traders in today’s session ahead of the FOMC gathering due tomorrow. The ounce of Gold could see its weakness accelerated in case the Committee’s tone matches prior surveys, which remain biased towards the hawkish side.
Gold has retreated in seven out of the last eight weeks, coming down from ytd tops above the key $1,300 handle in January.
Gold important levels
At the moment the metal is down 0.43% at $1,148.20 with the next support at $1,142.20 (low Mar.17) ahead of $1,141.70 (low Dec.1). On the upside, the initial resistance aligns at $1,159.40 (high Mar.17) followed by $1,169.70 (high Mar.10) and then $1,174.40 (high Mar.9).
Gold focus on the FOMC
The cautious tone prevailed amongst traders in today’s session ahead of the FOMC gathering due tomorrow. The ounce of Gold could see its weakness accelerated in case the Committee’s tone matches prior surveys, which remain biased towards the hawkish side.
Gold has retreated in seven out of the last eight weeks, coming down from ytd tops above the key $1,300 handle in January.
Gold important levels
At the moment the metal is down 0.43% at $1,148.20 with the next support at $1,142.20 (low Mar.17) ahead of $1,141.70 (low Dec.1). On the upside, the initial resistance aligns at $1,159.40 (high Mar.17) followed by $1,169.70 (high Mar.10) and then $1,174.40 (high Mar.9).