Gold breaks above $1150 and rises to 2-week highs

A weak US dollar on another low volume session boosted the value of gold that broke above $1150. The metal jumped to $1159.50, reaching the highest level since December 14 (the day of the last FOMC meeting). 

From the highs, XAU/USD pulled back modestly to $1155 and it was trading at $1157, up 1.40% for the day. So far during the week, it gained more than $20, having the best weekly performance so far since September. 

Levels to watch 

Gold currently trades at $1157, up 1.40% for the day and for the first time since early November is above the 20-day moving average. To the upside, resistance levels might be seen at $1160, followed by $1165 (Dec 12 & 14 high) and $1180 (Dec 07 high). On the downside support could be located at $1150 (Dec 27 high) and $1141 (short-term uptrend line).