Gold price climbs to highs near $1,215
San Francisco (Apr 28) The troy ounce of the yellow metal is extending the intraday upside to session highs near $1,215 after bottoming out around $1,180.
Gold in multi-week peaks
The weakness around the US dollar remains the exclusive driver behind the current upbeat momentum in Gold prices, which are returning to levels last seen in early April beyond the critical $1,200 handle.
The next risk event facing Gold will be the FOMC meeting due tomorrow, with market participants closely following the statement looking for clues regarding the timing of the Fed’s first rate hike.
Gold levels to consider
The metal is now gaining 0.89% at $1,212.88 with the next resistance at $1,236.79 (high Feb.16) followed by $1,245.91 (high Feb.10) and then $1,285.80 (high Feb.3). On the flip side, a breakdown of $1,178 (low Apr.27) would aim for $1,168.50 (low Mar.20) and finally $1,159.40 (low Mar.19).