21 Jan 2015
Gold breaks above USD 1300
FXStreet (Mumbai) - Gold prices on Comex jumped to fresh five-month high today, breaking above 1300 levels as weaker growth in most advanced economies spurred bets on more policy intervention ahead of a key ECB meeting.
Currently, gold trades higher by 0.54% at 1301.30 levels, close to fresh five month highs posted at 1302.90 levels few minutes ago. Gold remains underpinned as a currency hedge and also as a safe haven amid uncertainties over quantitative easing in Europe ahead of European Central Bank (ECB) policy meeting tomorrow and the ever-worsening outlook for the global economy.
Moreover, in an evidence of increased investor confidence in the yellow metal, holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, rose by 13.74 tonnes to 730.89 tonnes on Friday, the biggest one-day increase since August 18, 2011.
Gold Technical Levels
The metal has an immediate resistance at 1300 and 1320 levels. Meanwhile, support stands at 1272 levels below which doors could open for 1267 levels.
Currently, gold trades higher by 0.54% at 1301.30 levels, close to fresh five month highs posted at 1302.90 levels few minutes ago. Gold remains underpinned as a currency hedge and also as a safe haven amid uncertainties over quantitative easing in Europe ahead of European Central Bank (ECB) policy meeting tomorrow and the ever-worsening outlook for the global economy.
Moreover, in an evidence of increased investor confidence in the yellow metal, holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, rose by 13.74 tonnes to 730.89 tonnes on Friday, the biggest one-day increase since August 18, 2011.
Gold Technical Levels
The metal has an immediate resistance at 1300 and 1320 levels. Meanwhile, support stands at 1272 levels below which doors could open for 1267 levels.