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15 May 2015
Gold poised for weekly gain
FXStreet (Mumbai) - Gold prices are likely to end the current week on a high note as the sell-off in bonds and equities saw investors pouring money into hard safe haven asset like gold.
Second week of gains
The metal bottomed out USD 1170/Oz in the last week of April, post which, prices rallied to USD 1187.9/Oz in the previous week, followed by a rise to USD 1127/Oz levels in the previous session. However, profit-taking has pushed the metal back to USD 1215/Oz levels. Still, the metal is sufficiently higher from the weekly opening rate of USD 1187.9, which makes weekly gains all the more possible.
Ahead in the day, the metal could be influenced by the US industrial production and Preli. Michigan confidence data.
Gold Technical Levels
The metal currently trades at USD 1214.3/Oz. The failure to get back above 1205 could push the prices down to 1207.00. On the other hand, a break above 1220.00, could see the metal re-test 1225 levels.
Second week of gains
The metal bottomed out USD 1170/Oz in the last week of April, post which, prices rallied to USD 1187.9/Oz in the previous week, followed by a rise to USD 1127/Oz levels in the previous session. However, profit-taking has pushed the metal back to USD 1215/Oz levels. Still, the metal is sufficiently higher from the weekly opening rate of USD 1187.9, which makes weekly gains all the more possible.
Ahead in the day, the metal could be influenced by the US industrial production and Preli. Michigan confidence data.
Gold Technical Levels
The metal currently trades at USD 1214.3/Oz. The failure to get back above 1205 could push the prices down to 1207.00. On the other hand, a break above 1220.00, could see the metal re-test 1225 levels.