Gold price rebounds at $1270 and rises back to test 2016 highs
London (Apr 29) Gold is up by more than $10 or 1.10% so far on Friday as it trades at $1,277.00. A weak US dollar boosted gold amid risk aversion across financial markets.
Regarding equities, in Asia the Nikkei 225 lost 3.60% and the Hang Seng 1.50%; in Europe the FTSE 100 falls 0.80% while the DAX declines 1.35%. US futures point to a negative opening. Crude oil is up by almost 1% with the WTI barrel at $46.50.
Rejected from above $1,280 but holds bullish tone
The yellow metal peaked during the Asian session at $1,280.90, the strongest since March 11 when price peaked at $1,282.90 (2016 high); if it rises above it would be trading at levels last seen in February 2015.
The value of the ounce was rejected from above $1,280 and pulled back. The retreated from the highs found support at $1,271 and from there, gold climbed back toward daily highs. Currently is holding modestly below $1,280, still with upside momentum.