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8 May 2015
Gold fails to clinch $1,200
FXStreet (Edinburgh) - The troy ounce of the precious metal is recovering some of the recent losses, currently hovering over the $1,190 mark.
Gold snaps a 3-week negative streak
Gold prices are posting the first positive weekly close after three consecutive pullbacks, although a breakout of the critical $1,200 handle still remains elusive. Prices for the yellow metal felt comfortable after the auspicious result from April’s Payrolls (223K) amidst a steady tone from the US dollar, although speculations regarding the likeliness of the Fed hiking in September could hurt the sentiment and drive prices lower.
Gold levels to consider
The metal is now up 0.41% at $1,189.34 and a surpass of $1,199 (high May 5) would allow $1,236.79 (high Feb.16) and then $1,245.91. On the downside, the immediate support remains at $1,177 (low May 4) followed by $1,168.50 (low Mar.20) and finally $1,159.40 (low Mar.19).
Gold snaps a 3-week negative streak
Gold prices are posting the first positive weekly close after three consecutive pullbacks, although a breakout of the critical $1,200 handle still remains elusive. Prices for the yellow metal felt comfortable after the auspicious result from April’s Payrolls (223K) amidst a steady tone from the US dollar, although speculations regarding the likeliness of the Fed hiking in September could hurt the sentiment and drive prices lower.
Gold levels to consider
The metal is now up 0.41% at $1,189.34 and a surpass of $1,199 (high May 5) would allow $1,236.79 (high Feb.16) and then $1,245.91. On the downside, the immediate support remains at $1,177 (low May 4) followed by $1,168.50 (low Mar.20) and finally $1,159.40 (low Mar.19).