17 Jan 2014
Gold in ranges below $1,245.00
FXstreet.com (Córdoba) - The price of the ounce of Gold is moving in a range since Thursday's Asian session with resistance at $1,245.00 and support around $1,235.00. The recovery of the US dollar across the board that started on Monday pushed the price from $1,255.05 to the mentioned support but is still trading above the level it had before the release of the US employment report last Friday.
On a weekly basis Gold is headed toward a small decline of less than $5; if it holds at current levels it would be the first weekly loss after rising in the previous three, suggesting that the rally from $1,180.50 (December 30 low) could be running out of steam.
Key levels for Gold
Above $1,245 the upside could gain momentum and turn attention into $1,255.05 where weekly highs lie. If it breaks higher it would be trading at monthly highs; the next resistance then comes around $1,265, near December highs.
To the downside, if the support at $1,235 is broken, a test of $1,230 could be expected. Below support levels might lie at $1,226 and $1,219.
On a weekly basis Gold is headed toward a small decline of less than $5; if it holds at current levels it would be the first weekly loss after rising in the previous three, suggesting that the rally from $1,180.50 (December 30 low) could be running out of steam.
Key levels for Gold
Above $1,245 the upside could gain momentum and turn attention into $1,255.05 where weekly highs lie. If it breaks higher it would be trading at monthly highs; the next resistance then comes around $1,265, near December highs.
To the downside, if the support at $1,235 is broken, a test of $1,230 could be expected. Below support levels might lie at $1,226 and $1,219.