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Gold clocks 7-1/2 month high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Gold prices rose to a USD 1192.16; its highest since June 22nd, 2015 as the risk-off in Europe hit the US shores, triggering an increased flight to safety.

    Hovers around $1190

    At USD 1190, prices are eyeing the USD 1200/Oz mark. The US equities are down at least 1.5% in early session. With no major data due today, there is little scope for a sharp rebound. Hence, the metal could easily hit the USD 1200 mark if the risk-off worsens.

    As of now, the USD index is largely flat, which indicates little is in way of the bulls to take the metal higher.

    Gold Technical Levels

    The immediate resistance is seen at 1200, above which prices could target 1205.80 (June 18 high). On the other hand, a break below 1183.00 (Oct 28 high) would expose 1174.50 (previous day’s high).
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