Gold trips stops above $1,200.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Gold has broken above the 1,200.00 after a run on stops above the psychological level, with the yellow metal now gaining over $7 since the close of NY.

    Gold benefits from risk-off conditions

    The global risk off environment continues to benefit gold, perceived as one of the few safe haven assets at present, amid deteriorating confidence towards any type of currency, as the unorthodox QE and negative rate practices from top Central Banks around the globe appear to have unintended consequences. Besides, a broad-based weak USD is another factor underpinning Gold prices.

    Gold key levels

    On the upside, from an hourly perspective, the next key level can be found at $1,215.00 (June 21 2015 highs), followed by $1,230.00 (June 2015 high) ahead of $1,250.00 mid round number. On the downside, $1,200.00 is the first hurdle for sellers, followed by $1,190.00 daily pivot and $1,180.00,
    For more information, read our latest forex news.

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