19 Feb 2015
Gold clinging to $1,200
FXStreet (Edinburgh) - The ounce troy of the precious metal is hovering over the key $1,200 handle on Thursday, fading the spike to session highs around $1,225 following escalating jitters on the Greece front.
Gold bounces off multi-week lows
After bottoming out in levels last seen in early January around $1,197 on Wednesday, the dovish tone from the FOMC minutes allowed the buying interest to re-emerge, lifting the ounce beyond $1,220.
However, the US dollar managed to gather further traction after Germany rejected the Greek loan extension, weighing on Gold and prompting the current correction lower.
Gold key levels
At the moment the metal is advancing 0.67% at $1,208.40. A break above $1,222.90 (high Feb.19) would aim for $1,236.40 (high Feb.16). On the downside, the immediate support lies at $1,197.30 (low Feb.18) and then $1,167.30 (low Jan.2).
Gold bounces off multi-week lows
After bottoming out in levels last seen in early January around $1,197 on Wednesday, the dovish tone from the FOMC minutes allowed the buying interest to re-emerge, lifting the ounce beyond $1,220.
However, the US dollar managed to gather further traction after Germany rejected the Greek loan extension, weighing on Gold and prompting the current correction lower.
Gold key levels
At the moment the metal is advancing 0.67% at $1,208.40. A break above $1,222.90 (high Feb.19) would aim for $1,236.40 (high Feb.16). On the downside, the immediate support lies at $1,197.30 (low Feb.18) and then $1,167.30 (low Jan.2).