5 Jan 2015
Gold rises again; still gains capped at USD 1200.00
FXStreet (Mumbai) - Gold prices recovered losses to trade over and above the 50-DMA located at USD 1191, although the metal is still unable to rise above the USD 1200 mark.
The metal currently trades 0.94% higher at USD 1197.30/Oz levels, after having tested the USD 1200 mark. The metal regained strength due to the weakness in the US treasury yields and the US stock markets. The DJIA has weakened 0.86% to trade at 17,680.50 levels, while the S&P futures are down 0.74% at 2031.15 levels. Meanwhile, the 10-yr treasury yield slipped 3.9 basis points to 2.074%. Consequently, the USD index has cooled down to 91.72 levels from the high of 92.05 hit earlier today.
Gold Technical Levels
Gold has an immediate resistance located at 1200, above which gains could be extended to 1203.23 (100-DMA) levels. Meanwhile, support is seen at 1191.40 (50-DMA) and 1183.40 levels.
The metal currently trades 0.94% higher at USD 1197.30/Oz levels, after having tested the USD 1200 mark. The metal regained strength due to the weakness in the US treasury yields and the US stock markets. The DJIA has weakened 0.86% to trade at 17,680.50 levels, while the S&P futures are down 0.74% at 2031.15 levels. Meanwhile, the 10-yr treasury yield slipped 3.9 basis points to 2.074%. Consequently, the USD index has cooled down to 91.72 levels from the high of 92.05 hit earlier today.
Gold Technical Levels
Gold has an immediate resistance located at 1200, above which gains could be extended to 1203.23 (100-DMA) levels. Meanwhile, support is seen at 1191.40 (50-DMA) and 1183.40 levels.