17
February
CORRECTION: Gold faces resistance at the $1,120 zone
17 February 2010 FX Street
FXstreet.com (Córdoba) - The yellow metal is consolidating important gains for the second day in a row accumulating an increase of $25. Currently the ounce holds near daily highs and trades at $1,119.
The rally of the price of gold was capped at the $1,121.50 (2-week high). XAU/USD is facing resistance around the $1,120 zone; if it breaks above, the next one lies at $1,125.
According to the GoldCore Bullion Services Team, technically gold is looking better after the recent "vicious selloff". "A close today over trend line resistance at $1,106/oz could quickly see us challenge the next level of resistance at the $1,150/oz level," the GoldCore team said.
