22 Dec 2014
Gold erases gains ahead of US data
FXStreet (Mumbai) - Gold prices have weakened ahead of the US session, as the investors await the release of housing data which is likely to show a slowdown in the existing home sales in November.
The yellow metal now trades 0.07% lower at USD 1195.20/barrel, compared to the previous session’s close of USD 1196/Oz levels. Prices had hit a high of USD 1203.40/Oz at the onset of the European session today. However, gains in the European equities pushed the metal back below the USD 1200 mark. Gold may extend losses if the official data in the US shows existing homes for November print higher than the expected fall of 1.1%.
Gold Technical Levels
Gold has an immediate support located at 1192.36 (50-DMA), under which losses could be extended to 1186.40 levels. Meanwhile, resistance is seen at 1203.40 and 1213.90 levels.
The yellow metal now trades 0.07% lower at USD 1195.20/barrel, compared to the previous session’s close of USD 1196/Oz levels. Prices had hit a high of USD 1203.40/Oz at the onset of the European session today. However, gains in the European equities pushed the metal back below the USD 1200 mark. Gold may extend losses if the official data in the US shows existing homes for November print higher than the expected fall of 1.1%.
Gold Technical Levels
Gold has an immediate support located at 1192.36 (50-DMA), under which losses could be extended to 1186.40 levels. Meanwhile, resistance is seen at 1203.40 and 1213.90 levels.