Gold inching higher to reclaim $1300 level

2 May, 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.


Source link  
EUR futures: deeper pullback not ruled out

According to CME Group’s flash data for EUR futures markets, traders increased their open interest positions by more than 19.1K contracts...

US Dollar looks to retake 92.00

The greenback, tracked by the US Dollar Index (DXY), is facing strong resistance in the boundaries of the 92.00 handle ahead of the opening bell...

EUR/GBP hits fresh highs

The British Pound faded UK manufacturing PMI-led minor up-tick, lifting the EUR/GBP cross to fresh highs since mid-March...


Oil sees a flash crash

Oil prices on both sides of the Atlantic witnessed a sharp downward spike, following comments from oil ministers of leading OPEC producers...

Euro under moderate pressure

The research team at Lloyds Bank explains that the euro, along with the pound, has outperformed over the past month...

Gold hanging near 3-week lows

Gold oscillated in a narrow trading band, with slight negative bias, and was seen consolidating...


US Dollar finds buyers around 100.20

The greenback, measured by the US Dollar Index, stays under...

Gold consolidates near $1,260/oz

The ounce troy of the precious metal has reverted yesterday’s pullback and is now trading near session tops around $1,260...

Oil sits at multi-month troughs

Oil benchmarks on both sides of the Atlantic snapped a minor-bounce and traded modestly flat ahead of the European open, as investors remain wary heading towards the inventory report due to be published by the API later on the day...

  


Share: