Gold on track for a 3% weekly rise, even as stocks gain
Gold futures climbed past the key $1,250-an-ounce level on Thursday, resulting in its strongest settlement in more than a year as U.S. economic might again looked vulnerable.
The U.S. Federal Reserve’s beige book report, released late Wednesday, offered a more downbeat tone about economic activity through late February and economic reports Thursday showed weakness, lifting the precious metal’s investment appeal.
April gold GCJ6, +0.36% climbed $16.40, or 1.3%, to settle at $1,258.20 an ounce. The settlement was the highest since Feb. 5, 2015, according to data from Dow Jones. The precious metal is looking at a roughly 3% return for this week.
Gold’s current level confirms a breakout to the upside, said Fawad Razaqzada, technical analyst at Forex.com and City Index.
“If the metal can sustain its gains” and move above February 2015’s high of roughly $1,263, then the “bulls may aim for [the] January 2015 high at $1,307 next,” he said. Above that level, “there is not much obvious resistance until the 200-week moving average, currently at $1,339.”
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