Gold inching higher to reclaim $1300 level

May 2, 2016

Risk-off sentiment across global financial markets and broader USD weakness continues to boost demand forВ Gold, which has now moved within striking distance of reclaiming $1300 level for the first time since Jan. 2015.

After its amazing comeback from last week's low of $1230, the precious metal provided its highest weekly close since Jan. 2015. The commodity continues to build on to its gains to currently trade with some marginal gain near $1295 level.

Technical levels to watch

On the immediate upside, bulls would now be eyeing a convincing break-through the $1300 handle resistance, which if decisively cleared seems to open room for further appreciation in the near-term.

On the flip side, profit-taking at higher levels should now find immediate support near March high resistance break-point near $1285-84 region. Even if the metal fails to hold this immediate support, any further slide might now be limited by $1272-70 strong horizontal support.

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