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).
