FXS: Spot Gold appreciates further on Dollar weakness
FXstreet.com (Barcelona) - Spot Gold's rebound on $1,100 support area yesterday has extended higher, and XAU/USD recovery extended about $9 higher during European session to hit $1,119.30 high so far, supported by Dollar weakness.
At the moment, Spot gold is testing $1,119/20 resistance area (Mar 8 low/intra-day support), and, in case of further appreciation, next resistance levels lie at $1,128 (Mar 9 high) and $1,138 (Mar 8 high). On the downside, support levels lie at $1,111 (previous resistance, and below here $1,100 (Mar 11 low) and 1,088 (Feb 25 low).
On FX markets, risk appetite has returned on European session, and EUR/USD has soared from 1.3685 at Frankfurt opening to 1.3795 high, while GBP/USD rallied from 1.5025 to 1.5170 and the AUD/USD recovery from 0.9110 extended to test 7-week high at 0.9190.
