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23 Feb 2015
Gold clings to $1,200.00
FXStreet (Edinburgh) - The ounce troy of the precious metal is extending its negative streak on Monday, looking to regain the key $1,200.00/oz handle.
Gold lower on USD strength
The renewed buying interest in the US dollar coupled with easing woes on the Greek-Eurogroup situation is weighing on the precious metal at the beginning of the week, navigating within a $1,190-$1,210 range so far.
The next risk event for the greenback will be Chairwoman Yellen’s testimony tomorrow, while headline from Greece will keep investors vigilant.
Gold key levels
At the moment the metal is losing 0.42% at $1,199.80. A drop below $1,190.70 (low Feb.23) would expose $1,167.30 (low Jan.2) and then $1,141.70 (low Dec.2). On the upside, the next hurdle lines up at $1,209.90 (high Feb.23) followed by $1,222.90 (high Feb.19) and finally $1,236.40 (high Feb.16).
Gold lower on USD strength
The renewed buying interest in the US dollar coupled with easing woes on the Greek-Eurogroup situation is weighing on the precious metal at the beginning of the week, navigating within a $1,190-$1,210 range so far.
The next risk event for the greenback will be Chairwoman Yellen’s testimony tomorrow, while headline from Greece will keep investors vigilant.
Gold key levels
At the moment the metal is losing 0.42% at $1,199.80. A drop below $1,190.70 (low Feb.23) would expose $1,167.30 (low Jan.2) and then $1,141.70 (low Dec.2). On the upside, the next hurdle lines up at $1,209.90 (high Feb.23) followed by $1,222.90 (high Feb.19) and finally $1,236.40 (high Feb.16).