Gold Inching Higher to Reclaim $1300 Level
Risk-off sentiment across global financial markets and broader USD weakness continues to boost demand for 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.
