Gold challenges $1,200

New York (Feb 17)   The precious metal is shedding further ground as markets enter the last part of the US session, currently hovering over the $1,200 key barrier.

Gold down from $1,230

The ounce troy of the yellow metal is falling since the beginning of the session. Poor results from today’s US docket – Empire State index and NAHB index came in below expectations - intensified the decline, while market participants on the other side commenced to gauge the FOMC minutes due tomorrow.

Gold key levels

At the moment the metal is losing 1.54% at $1,208.20. The initial support lies at $1,201.60 (low Jan.6) and then $1,167.30 (low Jan.2). On the other hand, a break above $1,236.40 (high Feb.16) would allow $1,238.70 (high Feb.11).

Source: FXstreet