29 Apr 2016
Gold headed for its highest close since Jan. 2015
Gold continues to get a boost from weaker US Dollar and the yellow metal has now surged past $1280 level, its highest level since March 11.
Risk-off sentiment across global financial markets boosted demand for the precious metal, which now seems to clock nearly 4% gains for the week. Gold made an amazing comeback from its weekly lows of $1230 and the gain have accentuated in the past two days. Even if the yellow metal pares some of its gains, it would still be headed for its highest weekly close since Jan. 2015.
Technical levels to watch
March highs near $1284 level would be the immediate level watched by bulls. On a clear break-through above $1284 level, traders would be eyeing $1300 handle, level not seen since Jan. 2015.
Meanwhile on the downside, weakness below $1280 is likely to get fresh bids, thus limiting the fall near $1272-70 support area, which now seems to act as strong support on the downside.
Risk-off sentiment across global financial markets boosted demand for the precious metal, which now seems to clock nearly 4% gains for the week. Gold made an amazing comeback from its weekly lows of $1230 and the gain have accentuated in the past two days. Even if the yellow metal pares some of its gains, it would still be headed for its highest weekly close since Jan. 2015.
Technical levels to watch
March highs near $1284 level would be the immediate level watched by bulls. On a clear break-through above $1284 level, traders would be eyeing $1300 handle, level not seen since Jan. 2015.
Meanwhile on the downside, weakness below $1280 is likely to get fresh bids, thus limiting the fall near $1272-70 support area, which now seems to act as strong support on the downside.