Gold Headed for its Highest Close Since Jan. 2015
Gold
continues to get a boost from weaker US Dollar and the yellow metal has
now surged past $1280 level, its highest level since March 11.
Risk-off
sentiment across global financial markets boosted demand for the
precious metal, which now seems to clock nearly 4% gains for the week.
Gold made an amazing comeback from its weekly lows of $1230 and the gain
have accentuated in the past two days. Even if the yellow metal pares
some of its gains, it would still be headed for its highest weekly close
since Jan. 2015.
Technical levels to watch
March
highs near $1284 level would be the immediate level watched by bulls.
On a clear break-through above $1284 level, traders would be eyeing
$1300 handle, level not seen since Jan. 2015.
Meanwhile on the
downside, weakness below $1280 is likely to get fresh bids, thus
limiting the fall near $1272-70 support area, which now seems to act as
strong support on the downside.
