Gold erases daily losses and approaches $1,200
|- XAU/USD rebounds from near $1,190/oz but remains under $1,200.
- Price continues to consolidate with risks tilted to the downside.
Gold prices turned positive for the day but remained below $1,200/oz. Earlier on Monday bottomed at $1,191.50 before bouncing to the upside. Recently reached $1,198.40, fresh daily high and then pulled back modestly. The recovery was boosted by a decline of the US dollar against majors.
So far, price action remains limited on Monday across financial markets. Gold holds within last week price range, consolidating after the rebound from multi-month lows ended at $1,215 two weeks ago. If XAU/USD rises back above $1,200 the positive tone is likely to gain momentum for a potential test of $1,205. While on the flip side, the bearish pressure could rise.
Levels to watch
To the upside, immediate resistance is seen at $1,200, $1,207 (last week high) and $1,215. On the flip side, support could be located at $1,190 and $1,182 (Aug 23 low).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.