26 Mar 2015
Gold breaks above USD 1200
FXStreet (Mumbai) - Gold prices on Comex remains elevated ahead of Europe open, striving very hard to surpass the crucial 1200 mark, as renewed geopolitical concerns over Saudi Arabia’s attacks on Yemen and broad USD weakness continue to underpin the yellow metal.
Gold hits fresh 3-week highs
Currently, gold trades higher by 0.27% at fresh three week peak at 1200.40 levels. Gold approaches a key juncture above the 1,200 mark this morning, after adding 4% in a sharp rally over the past one week, fuelled by a similar-sized drop in the US dollar. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies is lower by -0.12% at 96.96 levels.
Meanwhile, traders will be eyeing the release of weekly unemployment insurance numbers in the US. The claims are expected to stay low after some volatility in February. The direction over the next two days will be shaped by several eagerly anticipated speeches and major economic reports that have the potential to surprise.
Gold Technical Levels
The metal has an immediate resistance at 1209.50 (100-DMA) and 1215 levels. Meanwhile, support stands at 1191 levels below which doors could open for 1186 levels.
Gold hits fresh 3-week highs
Currently, gold trades higher by 0.27% at fresh three week peak at 1200.40 levels. Gold approaches a key juncture above the 1,200 mark this morning, after adding 4% in a sharp rally over the past one week, fuelled by a similar-sized drop in the US dollar. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies is lower by -0.12% at 96.96 levels.
Meanwhile, traders will be eyeing the release of weekly unemployment insurance numbers in the US. The claims are expected to stay low after some volatility in February. The direction over the next two days will be shaped by several eagerly anticipated speeches and major economic reports that have the potential to surprise.
Gold Technical Levels
The metal has an immediate resistance at 1209.50 (100-DMA) and 1215 levels. Meanwhile, support stands at 1191 levels below which doors could open for 1186 levels.