Gold Firmer, Advances Beyond $1260

Gold Firmer, Advances Beyond $1260

21 April 2016, 13:32
Roberto Jacobs

Gold Firmer, Advances Beyond $1260

The precious metal is confirming its upside momentum on Thursday, pushing higher to fresh weekly tops above $1260.00.

Gold stronger ahead of ECB, FOMC eyed

A cautious tone amongst investors in light of the ECB meeting is propping up the upbeat sentiment around the precious metal.

Furthermore, the uncertainty around the greenback in light of the upcoming key FOMC gathering is also giving further support to Gold, which trades in 5-week peaks in the $1,260/65 band, levels last seen in early March and closer to 2016 highs around $1,280 recorded around the same period.

Gold key levels

At the moment the yellow metal is up 0.52% at $1,260.80 facing the next hurdle at $1,280.70 (2016 high Mar.11) followed by $1,303.50 (2015 high Jan.3) and finally $1,322.10 (monthly high Aug.8 2014). On the flip side, a breach of $1,235.41 (55-day sma) would expose$1,209.20 (low Apr.1) and then $1,170.52 (100-day sma).


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