Back
27 Feb 2015
Gold clings to gains around $1,210
FXStreet (Edinburgh) - The precious metal is extending the rebound from weekly troughs in sub-$1,200.00 levels, reverting at the same time a 4-week negative streak.
Gold propped up by China
Mixed data from the US economy throughout the week plus the dovish tone in both testimonies by Chairwoman Yellen gave some oxygen to the metal in the first half of the week.
In addition, and reinforcing the renewed bid sentiment around Gold, Chinese buyers returned to the markets after the New Year holidays, pushing prices further beyond $1,200.00/oz.
Gold key levels
At the moment the metal is advancing 0.18% at $1,212.30 with the next resistance at $1,219.80 (high Feb.26) followed by $1,222.90 (high Feb.19) and finally $1,236.40 (high Feb.16). On the downside, a break below $1,201.00 (low Feb.25) would open the door to $1,190.50 (low Feb.24) and then $1,167.30 (low Jan.2).
Gold propped up by China
Mixed data from the US economy throughout the week plus the dovish tone in both testimonies by Chairwoman Yellen gave some oxygen to the metal in the first half of the week.
In addition, and reinforcing the renewed bid sentiment around Gold, Chinese buyers returned to the markets after the New Year holidays, pushing prices further beyond $1,200.00/oz.
Gold key levels
At the moment the metal is advancing 0.18% at $1,212.30 with the next resistance at $1,219.80 (high Feb.26) followed by $1,222.90 (high Feb.19) and finally $1,236.40 (high Feb.16). On the downside, a break below $1,201.00 (low Feb.25) would open the door to $1,190.50 (low Feb.24) and then $1,167.30 (low Jan.2).