7 May 2015
Gold unable to break above $1,200
FXStreet (Edinburgh) - The troy ounce of the yellow metal is losing ground for the second consecutive session, currently hovering over $1,180/85 band.
Gold weaker on USD
Auspicious results from US Initial Claims today (265K) gave the greenback extra wings and prompted the demand for Gold to remain subdued. The critical $1,200 handle still remains a tough up barrier for the metal, ahead of tomorrow’s key US Non-farm Payrolls for the month of April (225K exp.).
Gold levels to consider
The metal is now down 0.74% at $1,183.44 and a breach of $1,177 (low May 4) would aim for $1,168.50 (low Mar.20) ahead of $1,159.40 (low Mar.19). On the other hand, the initial hurdle lines up at $1,199 (high May 5) ahead of $1,236.79 (high Feb.16) and then $1,245.91.
Gold weaker on USD
Auspicious results from US Initial Claims today (265K) gave the greenback extra wings and prompted the demand for Gold to remain subdued. The critical $1,200 handle still remains a tough up barrier for the metal, ahead of tomorrow’s key US Non-farm Payrolls for the month of April (225K exp.).
Gold levels to consider
The metal is now down 0.74% at $1,183.44 and a breach of $1,177 (low May 4) would aim for $1,168.50 (low Mar.20) ahead of $1,159.40 (low Mar.19). On the other hand, the initial hurdle lines up at $1,199 (high May 5) ahead of $1,236.79 (high Feb.16) and then $1,245.91.