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15 May 2015
Gold closed the week with gains
FXStreet (Edinburgh) - The troy ounce of the precious metal managed to clinch the second consecutive week with gains, this time above the key $1.200 handle.
Gold propped up by US dollar
Once again, the softer tone surrounding the greenback prompted the yellow metal to cling to its upbeat momentum, allowing another weekly close with gains closer to the $1,230 level.
The dollar, in terms of the US Dollar Index, has surrendered initial gains after another disappointing figures from the US docket, with April’s Industrial Production and Capacity Utilization, and May’s Reuters/Michigan index all missing expectations.
Gold key levels
The metal is now up 0.27% at $1,224.46 with the next resistance at $1,228 (high May 14) followed by $1,236.79 (high Feb.16) and then $1,245.91. On the flip side, a breach of $1,212 (low May 14) would expose $1,177 (low May 4) and finally $1,168.50 (low Mar.20).
Gold propped up by US dollar
Once again, the softer tone surrounding the greenback prompted the yellow metal to cling to its upbeat momentum, allowing another weekly close with gains closer to the $1,230 level.
The dollar, in terms of the US Dollar Index, has surrendered initial gains after another disappointing figures from the US docket, with April’s Industrial Production and Capacity Utilization, and May’s Reuters/Michigan index all missing expectations.
Gold key levels
The metal is now up 0.27% at $1,224.46 with the next resistance at $1,228 (high May 14) followed by $1,236.79 (high Feb.16) and then $1,245.91. On the flip side, a breach of $1,212 (low May 14) would expose $1,177 (low May 4) and finally $1,168.50 (low Mar.20).