FXStreet (Edinburgh) - The precious metal is markedly lower at the end of the week, with the troy ounce navigating sub-$1,180 levels.
Gold in multi-week lows
Gold prices have dropped to levels last seen in mid-March despite the softer tone around the US dollar. The better reading from US Durable Goods Orders today and next week’s FOMC meeting seem to have prompted some cautiousness amongst market participants.
Gold is extending its negative streak for the second week, coming down from April tops beyond $1,220.
Gold levels to consider
The metal is now retreating 1.36% at $1,177.79 with the next support at $1,168.50 (low Mar.20) followed by $1,159.40 (low Mar.19) and finally $1,145.40 (low Mar.18). On the upside, a surpass of $1,236.79 (high Feb.16) would open the door to $1,245.91 (high Feb.10) and then $1,285.80 (high Feb.3).