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13 Apr 2015
Gold clings to $1,200.00
FXStreet (Edinburgh) - The softer tone prevails in the commodities’ universe at the beginning of the week, with the troy ounce of the precious metal gyrating around the $1,200.00 mark.
Gold hurt by US dollar
The upside of the greenback continued to gather steam on Monday, extending its momentum from last week and hurting the yellow metal and the rest of the USD-denominated assets.
A cautious tone prevailed amongst traders today in light of the relevant US data releases ahead in the week. In the meantime, traders keep gauging the timing of the rates lift-off by the Federal Reserve, prompting Gold to give away part of the recent gains.
Gold key levels
The metal is now retreating 0.59% at $1,200.46 and a break below $1,193.00 (low Apr.10) would target $1,180.50 (low Apr.1) en route to $1,178.20 (low Mar.31). On the flip side, the initial hurdle lines up at $1,236.79 (high Feb.16) ahead of $1,245.91 (high Feb.10) and finally $1,285.80 (high Feb.3).
Gold hurt by US dollar
The upside of the greenback continued to gather steam on Monday, extending its momentum from last week and hurting the yellow metal and the rest of the USD-denominated assets.
A cautious tone prevailed amongst traders today in light of the relevant US data releases ahead in the week. In the meantime, traders keep gauging the timing of the rates lift-off by the Federal Reserve, prompting Gold to give away part of the recent gains.
Gold key levels
The metal is now retreating 0.59% at $1,200.46 and a break below $1,193.00 (low Apr.10) would target $1,180.50 (low Apr.1) en route to $1,178.20 (low Mar.31). On the flip side, the initial hurdle lines up at $1,236.79 (high Feb.16) ahead of $1,245.91 (high Feb.10) and finally $1,285.80 (high Feb.3).