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9 Apr 2015
Gold breaches $1,200
FXStreet (Edinburgh) - Prices for the precious metal remain in a narrow range on Thursday, with the troy ounce currently trading in sub-$1,200 levels.
Gold softer on USD
The better tone of the US dollar following yesterday’s FOMC minutes keeps weighing on the yellow metal, dragging prices back below the critical $1,200 barrier.
Gold is now retreating for the third consecutive session after hitting multi-week tops on Monday above the $1,220 level, bolstered by the poor results from March Payrolls in the US economy.
Gold key levels
The metal is now losing 0.65% at $1,194.75 and a breach of $1,180.50 (low Apr.1) would aim for $1,178.20 (low Mar.31) and then $1,168.50 (low Mar.20). 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 better tone of the US dollar following yesterday’s FOMC minutes keeps weighing on the yellow metal, dragging prices back below the critical $1,200 barrier.
Gold is now retreating for the third consecutive session after hitting multi-week tops on Monday above the $1,220 level, bolstered by the poor results from March Payrolls in the US economy.
Gold key levels
The metal is now losing 0.65% at $1,194.75 and a breach of $1,180.50 (low Apr.1) would aim for $1,178.20 (low Mar.31) and then $1,168.50 (low Mar.20). 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).