6 May 2015
Gold still below $1,200
FXStreet (Edinburgh) - The yellow metal is trading in a tight range on Wednesday, although the $1,200 handle still remains elusive for Gold-bulls.
Gold weaker despite USD weakness
The metal could not benefit from the sharp sell off in the US dollar today, paying more attention to speeches by Chairwoman J.Yellen and Fed’s D.Lockhart, who argued that the US economy will resume its good performance, pointing to a growth path of 2.5%-3%. In the same direction he stressed that the poor Q1 results were due to the harsh weather, high dollar and declining oil prices.
Gold levels to consider
The metal is now down 0.18% at $1,191.20 and 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). On the other hand, the initial hurdle lines up at $1,199 (high May 5) ahead of $1,236.79 (high Feb.16) and then $1,245.91.
Gold weaker despite USD weakness
The metal could not benefit from the sharp sell off in the US dollar today, paying more attention to speeches by Chairwoman J.Yellen and Fed’s D.Lockhart, who argued that the US economy will resume its good performance, pointing to a growth path of 2.5%-3%. In the same direction he stressed that the poor Q1 results were due to the harsh weather, high dollar and declining oil prices.
Gold levels to consider
The metal is now down 0.18% at $1,191.20 and 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). On the other hand, the initial hurdle lines up at $1,199 (high May 5) ahead of $1,236.79 (high Feb.16) and then $1,245.91.