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30 Dec 2014
Gold jumps briefly above 1,200; $XAU
FXStreet (San Francisco) - Gold is trading higher on Tuesday as the metal is recovering all losses incurred on Monday. After climbing around $20 from 1,182, the XAU/USD rose to 1,202.35, the highest since December 22.
The gold is up about 1.5% so far this day; however a clear catalyst has not been identified. In a low volume trading session, it seems that an outsider is playing his cards. Gold is now at 1,199.50.
Gold sentiment
According to ZeroHedge, "USDJPY has tumbled overnight back below 119.50, dragging stocks (equity futures now at session lows) and Treasury yields with it. But it appears the Gold/Yen trade that is reacting most significantly as a huge volume flushes through futures markets spiking Gold back above $1200."
If the metal successfully breaks above 1,200, it will find next resistances at 1,203 and 1,213. To the downside, supports are at 1,182, 1,178 and 1,173.
The gold is up about 1.5% so far this day; however a clear catalyst has not been identified. In a low volume trading session, it seems that an outsider is playing his cards. Gold is now at 1,199.50.
Gold sentiment
According to ZeroHedge, "USDJPY has tumbled overnight back below 119.50, dragging stocks (equity futures now at session lows) and Treasury yields with it. But it appears the Gold/Yen trade that is reacting most significantly as a huge volume flushes through futures markets spiking Gold back above $1200."
If the metal successfully breaks above 1,200, it will find next resistances at 1,203 and 1,213. To the downside, supports are at 1,182, 1,178 and 1,173.