16 May 2017, 18:00  Gold is above $1,230

The demand for the safe haven metal stays on the rise at the beginning of the week, pushing the ounce troy to fresh tops above $1,230. Bullion is gathering further traction today amidst a continuation of the selling bias around the greenback after recent results from the US docket have disappointed market expectations. In addition, prices for the yellow metal are advancing for the fourth session in a row today, putting further distance from multi-week lows around $1,214 seen last Tuesday, on rising geopolitical jitters in response to another missile test from North Korea. Furthermore, poor releases in the US docket as of late have dragged lower the probability of a June rate hike by the Federal Reserve, all lending extra wings to the safe haven metal. As of writing Gold is gaining 0.58% at $1,234.97 and a break above 1,245.51 (200-day sma) would expose $1,247.34 (55-day sma) and finally $1,255.85 (50% Fibo of the April-May drop). On the other hand, the next down barrier lines up at $1,224.40 (low May 12) seconded by $1,216.90 (low May 11) and then $1,214.30 (low May 9).

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