25 Mar 2015
Gold capped by $1,200
FXStreet (Edinburgh) - The upside in the troy ounce of Gold has stalled just at the very doorsteps of the critical $1,200 handle on Wednesday, now easing to the $1,195 area.
Gold in 3-week highs
The precious metal is clinching its sixth consecutive gain so far, posting multi-week tops and extending the bounce from recent lows around $1,140 to the $1,200 neighbourhood today.
A softer dollar, concerns on the Greek front and increasing rumours of an overheated US stock market are all collaborating with the upbeat momentum in Gold. In addition poor data from US Durable Goods Orders in February added to the sentiment that the Fed might delay its first rate hike.
Gold important levels
At the moment the metal is up 0.34% at $1,195.40 with the immediate resistance at $1,200.58 (high Mar.6) followed by $1,209.46 (high Mar.5) and finally $1,214.56 (high Mar.3). On the flip side, a breakdown of $1,159.56 (low Mar.19) would expose $1,145.98 (low Mar.18) and then $1,142.69 (low Mar.17).
Gold in 3-week highs
The precious metal is clinching its sixth consecutive gain so far, posting multi-week tops and extending the bounce from recent lows around $1,140 to the $1,200 neighbourhood today.
A softer dollar, concerns on the Greek front and increasing rumours of an overheated US stock market are all collaborating with the upbeat momentum in Gold. In addition poor data from US Durable Goods Orders in February added to the sentiment that the Fed might delay its first rate hike.
Gold important levels
At the moment the metal is up 0.34% at $1,195.40 with the immediate resistance at $1,200.58 (high Mar.6) followed by $1,209.46 (high Mar.5) and finally $1,214.56 (high Mar.3). On the flip side, a breakdown of $1,159.56 (low Mar.19) would expose $1,145.98 (low Mar.18) and then $1,142.69 (low Mar.17).