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Gold clinches highs near $1,170

FXStreet (Edinburgh) - The troy ounce of the precious metal continues its march higher on Tuesday, now visiting session peaks near $1,170.

Gold supported around $1,150

Prices for the precious metal have left behind the initial profit-taking sentiment, which sent Gold to trade in session lows in the $1,155/50 band, and have resumed the recent upside to multi-week tops in the $1,170 neighbourhood.

The recent softer tone in the greenback plus market expectations of a Fed’s lift-off now at some point during Q1 2016 has been bolstering the upside mood in the yellow metal as well as in the rest of the USD-denominated assets, prolonging the rebound from sub-$1,100 levels recorded in September.

Gold significant levels

At the moment Gold is advancing 0.16% at $1,166.40 facing the immediate up barrier at $1,174.59 (200-day sma) ahead of $1,217.62 (61.8% Fibo of $1,303.59- $1,078.60) and finally $1,223.90 (high May 19). On the downside, a break below $1,139.07 (100-day sma) would aim for $1,126.25 (55-day sma) and then $1,098.20 (low Sep.11).

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