18 Jun 2015
Gold finally clinches $1,200
FXStreet (Edinburgh) - The troy ounce of the yellow metal keeps pushing higher on Thursday, looking to consolidate the advance beyond the critical $1,200 mark.
Gold boosted by USD, FOMC
Prices for the precious metal have gathered traction today after market participants factored in the possibility of a later-than-expected rate hike by the Fed, as hinted by the FOMC statement on Wednesday.
The consequent sharp drop in the US dollar remained the exclusive source of strength in today’s bull run to multi-week tops above the $1,200 handle, where prices are now attempting to remain.
Gold significant levels
As of writing Gold is up 2.15% at $1,202.10 with the initial hurdle at $1,209.00 (high May 25) followed by $1,215.30 (high May 22) and then $1,219.40 (high May 13). On the downside, a drop below $1,173.90 (low Jun.17) would open the door to $1,171.90 (low Jun.15) and finally $1,162.10 (low Jun.5).
Gold boosted by USD, FOMC
Prices for the precious metal have gathered traction today after market participants factored in the possibility of a later-than-expected rate hike by the Fed, as hinted by the FOMC statement on Wednesday.
The consequent sharp drop in the US dollar remained the exclusive source of strength in today’s bull run to multi-week tops above the $1,200 handle, where prices are now attempting to remain.
Gold significant levels
As of writing Gold is up 2.15% at $1,202.10 with the initial hurdle at $1,209.00 (high May 25) followed by $1,215.30 (high May 22) and then $1,219.40 (high May 13). On the downside, a drop below $1,173.90 (low Jun.17) would open the door to $1,171.90 (low Jun.15) and finally $1,162.10 (low Jun.5).