Gold rebounds at $1,311 and rises toward $1,320

San Francisco (July 7)  Gold is falling on Monday but during the American session trimmed losses, moving off daily lows. After Wall Street opening bell price bottomed at $1,311/oz, almost $10 below the price it closed last week.

From the lows the yellow metal rebounded and climbed back toward $1,320 as the US dollar weakened across the board. During Wall Street trading price peaked at $1,318.50, near daily highs that lie at $1,320.60. Spot gold closed at $1,319.47.

XAU/USD continues to trade inside a range

Price action continues to move sideways, with a strong support between $1,305 and $1,310 while to the upside, the area around $1,330 continues to work as an important resistance.

Source: FXstreet