12 May 2014
Gold breaks above $1,300 to daily highs
FXStreet (San Francisco) - The Gold is trading higher ahead of the US opening bell amid Ukraine concerns that are affecting the market.
The XAU/USD rose $17 from 1,287/oz traded overnight to peak to fresh daily highs around 1,304/oz a few minutes ago. The Gold is currently trading at 1,300/oz, 0.97% positive on the day.
"Gold surges above $1300 ahead of US opening, with the metal showing a strong upward momentum in the short term with little behind the movement from the data front," comments FXStreet chief analyst Valeria Bednarik. "Technically, the daily chart shows price stalling around $1302 100 DMA, with next resistance standing around $1309, 38.2% retracement of the latest daily rally."
Gold Sentiment
Steady gains above the level should put the greenback under pressure across the forex board also, yet if price eases back below critical $ 1300 figure, the downside is exposed towards $1248 next Fibonacci support.
The XAU/USD rose $17 from 1,287/oz traded overnight to peak to fresh daily highs around 1,304/oz a few minutes ago. The Gold is currently trading at 1,300/oz, 0.97% positive on the day.
"Gold surges above $1300 ahead of US opening, with the metal showing a strong upward momentum in the short term with little behind the movement from the data front," comments FXStreet chief analyst Valeria Bednarik. "Technically, the daily chart shows price stalling around $1302 100 DMA, with next resistance standing around $1309, 38.2% retracement of the latest daily rally."
Gold Sentiment
Steady gains above the level should put the greenback under pressure across the forex board also, yet if price eases back below critical $ 1300 figure, the downside is exposed towards $1248 next Fibonacci support.