Gold struggles to keep face above $1,500 psychological level

Gold was once again struggling last week to hold above water as US yields rise.
Bears look for a 50% mean reversion of the late June swing lows.

Ross J Burland FXStreet

Gold is steady in the open at the start of this week, consolidating pressures from above. The yellow metal has suffered on speculative paring as geopolitical risks subside a touch, enabling risk-on assets some airplay. Gold is currently sitting just below the psychological 1500 handle at $1,497.30 having fallen from the recent highs of $1,557.10.

The US Dollar holds in the 99 handle in the DXY and Gold was once again struggling last week to hold above water as US yields rise and despite lower stocks and risk-off sentiment. Gold for December delivery on Comex lost $8.80, or 0.6%, to settle at $1,506.40 an ounce; This was the lowest finish for a most-active contract since Sept. 19 while the contract dropped 0.6% for the week.

Gold levels

Bears look for a 50% mean reversion of the late June swing lows to recent highs around 1470 ahead of a run to the 19 July swing highs down at 1,452.93. Meanwhile, the 1500 psychological level is giving way, but in a correction higher, bulls can look to the 1535 resistance ahead of the 1,550 target which guards territories towards 1,590 as the 127.2% Fibo target.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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