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26 Feb 2015
Gold off highs, around $1,210
FXStreet (Edinburgh) - The ounce troy of the yellow metal is looking to consolidate its recent break above the key $1,200 mark, currently hovering over then $1,209/10 band.
Gold firmer despite USD strength
Gold manages to advance despite the strong bid tone around the US dollar, which usually tends to keep gold buyers at bay. However, the prospects of an increase in the ECB’s balance sheet via its QE programme next week, and Chinese traders coming back to the markets after the celebrations of the New Year are bolstering the current upside.
Gold significant levels
At the moment the metal is advancing 0.65% at $1,209.30 with the next resistance at $1,219.80 (high Feb.26) followed by $1,222.90 (high Feb.19) and finally $1,236.40 (high Feb.16). On the downside, a break below $1,201.00 (low Feb.25) would open the door to $1,190.50 (low Feb.24) and then $1,167.30 (low Jan.2).
Gold firmer despite USD strength
Gold manages to advance despite the strong bid tone around the US dollar, which usually tends to keep gold buyers at bay. However, the prospects of an increase in the ECB’s balance sheet via its QE programme next week, and Chinese traders coming back to the markets after the celebrations of the New Year are bolstering the current upside.
Gold significant levels
At the moment the metal is advancing 0.65% at $1,209.30 with the next resistance at $1,219.80 (high Feb.26) followed by $1,222.90 (high Feb.19) and finally $1,236.40 (high Feb.16). On the downside, a break below $1,201.00 (low Feb.25) would open the door to $1,190.50 (low Feb.24) and then $1,167.30 (low Jan.2).