Back
13 May 2015
Gold regains $1,200 and beyond
FXStreet (Edinburgh) - The precious metal has finally broken above the psychological $1,200 handle on Wednesday, managing to clinch highs near $1,220.
Gold in multi-week tops
Gold prices are re-visiting levels last seen a few weeks ago above the $1,200 mark boosted by the increasing softness surrounding the greenback, which grew bigger after the poor figures from US retail sales during April.
The troy ounce of the yellow metal gathered further traction amidst speculations that the Fed could hike rates later than previously estimated, probably towards year-end or the start of 2016.
Gold key levels
The metal is now up 1.83% at $1,214.20 with the next resistance at $1,219 (high May 13) ahead of $1,236.79 (high Feb.16) and then $1,245.91. On the flip side, a breach of $1,177 (low May 4) would aim for $1,168.50 (low Mar.20) ahead of $1,159.40 (low Mar.19).
Gold in multi-week tops
Gold prices are re-visiting levels last seen a few weeks ago above the $1,200 mark boosted by the increasing softness surrounding the greenback, which grew bigger after the poor figures from US retail sales during April.
The troy ounce of the yellow metal gathered further traction amidst speculations that the Fed could hike rates later than previously estimated, probably towards year-end or the start of 2016.
Gold key levels
The metal is now up 1.83% at $1,214.20 with the next resistance at $1,219 (high May 13) ahead of $1,236.79 (high Feb.16) and then $1,245.91. On the flip side, a breach of $1,177 (low May 4) would aim for $1,168.50 (low Mar.20) ahead of $1,159.40 (low Mar.19).