7 Apr 2015
Gold in red, keeps $1,200
FXStreet (Edinburgh) - The precious metal is shedding some of the recent strong gains on Tuesday, albeit it manages to keep the trade above the critical $1,200 handle.
Gold softer on USD
The solid pace of the USD recovery has undermined the recent upbeat momentum in the yellow metal, prompting sellers to step in and drag the troy ounce back to the $1,210 level from multi-week tops.
However, traders remain vigilant on events from Greece as the main source of potential buying interest of Gold.
Gold key levels
The metal is now losing 0.44% at $1,209.53 and a breach of $1,208.00 (low Apr.7) would aim for $1,194.80 (low Apr.2) and then $1,180.50 (low Apr.1). On the other hand, the initial resistance aligns at $1,236.79 (high Feb.16) ahead of $1,245.91 (high Feb.10) and finally $1,285.80 (high Feb.3).
Gold softer on USD
The solid pace of the USD recovery has undermined the recent upbeat momentum in the yellow metal, prompting sellers to step in and drag the troy ounce back to the $1,210 level from multi-week tops.
However, traders remain vigilant on events from Greece as the main source of potential buying interest of Gold.
Gold key levels
The metal is now losing 0.44% at $1,209.53 and a breach of $1,208.00 (low Apr.7) would aim for $1,194.80 (low Apr.2) and then $1,180.50 (low Apr.1). On the other hand, the initial resistance aligns at $1,236.79 (high Feb.16) ahead of $1,245.91 (high Feb.10) and finally $1,285.80 (high Feb.3).