Gold trips stops above $1,200.00

By FXStreet Gold has broken above the 1,200.00 after a run on stops above the psychological level, with the yellow metal now gaining over $7 since the close of NY.

Gold benefits from risk-off conditions

The global risk off environment continues to benefit gold, perceived as one of the few safe haven assets at present, amid deteriorating confidence towards any type of currency, as the unorthodox QE and negative rate practices from top Central Banks around the globe appear to have unintended consequences. Besides, a broad-based weak USD is another factor underpinning Gold prices.

Gold key levels

On the upside, from an hourly perspective, the next key level can be found at $1,215.00 (June 21 2015 highs), followed by $1,230.00 (June 2015 high) ahead of $1,250.00 mid round number. On the downside, $1,200.00 is the first hurdle for sellers, followed by $1,190.00 daily pivot and $1,180.00,
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Source:: FX Street