21 May 2015
Gold sheds ground, but holds $1,200
FXStreet (Edinburgh) - The troy ounce of the precious metal is trading in a tight range on Thursday, coming down from daily tops at $1,212 and stabilizing just above the $1,200 mark.
Gold softer on Fed
The yellow metal lost some upside momentum after yesterday’s FOMC minutes left intact the likeliness of a rates lift-off later in the year, although a June hike seems pretty unlikely, according to the Committee.
In the data space, and playing against a recovery in Gold prices, the 4-week average in US Initial Claims remains in 15-year lows, in spite of today’s increase to 274K in the week ended on May 16.
In the meantime, increasing uncertainty around Greece remains a source of potential upside for Gold, prompting market participants to closely follow the developments coming from the EU Leaders Summit in Riga.
Gold key levels
The metal is now losing 0.28% at $1,205.30 with the immediate support at $1,201.60 (low May 21) ahead of $1,177 (low May 4) and finally $1,168.50 (low Mar.20). On the flip side, a surpass of $1,225.76 (high May 19) would open the door to $1,228 (high May 14) and then $1,236.79 (high Feb.16).
Gold softer on Fed
The yellow metal lost some upside momentum after yesterday’s FOMC minutes left intact the likeliness of a rates lift-off later in the year, although a June hike seems pretty unlikely, according to the Committee.
In the data space, and playing against a recovery in Gold prices, the 4-week average in US Initial Claims remains in 15-year lows, in spite of today’s increase to 274K in the week ended on May 16.
In the meantime, increasing uncertainty around Greece remains a source of potential upside for Gold, prompting market participants to closely follow the developments coming from the EU Leaders Summit in Riga.
Gold key levels
The metal is now losing 0.28% at $1,205.30 with the immediate support at $1,201.60 (low May 21) ahead of $1,177 (low May 4) and finally $1,168.50 (low Mar.20). On the flip side, a surpass of $1,225.76 (high May 19) would open the door to $1,228 (high May 14) and then $1,236.79 (high Feb.16).