Gold Posts New Losses

Gold lost a few dollars in the closing hours of Friday's session due to higher expectations that a rate hike is planned for September's FED meeting. The precious metal was trading around $1,350 on Thursday and started depreciating since then. On Friday the pair reached a low of $1,327 which was also the closing price for the week.

Currently, Gold is trading relatively unchanged at $1,329 and as it looks, price might consolidate in current levels due to lack of fresh news for the day and nothing to cause any movement. First support is seen at last low of $1,324 made in the opening hours of today's session. If that level is broken, we might see price revisit $1,300.

On the other hand, if bulls take control they will attempt to break the resistance level at $1,350 and move higher to a possible major target at $1,400.

Chart: XAU/USD H4