Gold at Minor Support

Gold reached first support in today's trading after going to a low of $1,331. The precious metal reacted to rumors about a rate hike in September as investors decided that they don't need a safe haven in these times. However, if a rate does not happen, Gold would again be considered a high purchased asset.

But until then, we are caught in between two major levels - $1,350 and $1,330. Gold reached the support level for a third time since the beginning of August and was brought up again above it as bearish pressure was not enough to further depreciate the metal. $1,360 is seen as major resistance for the short-term.

Chart: XAU/USD H4