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Gold soars and hits 3-month highs

FXStreet (Córdoba) - Gold prices jumped to $1190/oz reaching the highest level since June 22 as the US dollar tumbles in the market. The value of the yellow metal continues to rally, getting closer to the $1200 mark. The last time it traded at those levels was 4 months ago.

Hours ago in the US, a lower than expected reading on inflation, a weak retail sales report for September and more recently the Beige Book pushed the dollar to the downside. The book about the state of the economy and low inflation numbers continue to erode expectations of a rate hike from the Federal Reserve during 2015.

XAU/USD technical levels

To the downside, support levels now might lie at $1179, $1166 and $1152. On the opposite direction, immediate resistance might be seen at $1192, $1200 and $1210. Currently the ounce stands at $1188/oz, up 2.05% for the day.

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