3 Feb 2015
Gold steadies below USD 1280
FXStreet (Mumbai) - Gold prices on Comex traded slightly lower in Asian morning, as traders took to profit booking on their long positions after the yellow metal posted its biggest monthly gain in three years.
Gold looks for fresh cues
Currently, gold trades lower by 0.13% at 1275.30 levels, in a very tight range locked between 1272-1276 band. Gold prices struggles around 1280 levels as markets remain jittery over Greece debt-deal concerns. However, the precious metal fails to find fresh triggers that could set a clear direction for gold. Disappointing latest US economic releases from the US have boosted the safe-haven demand for gold.
Moreover, adding to the signs of investor confidence in the yellow metal, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose to 24.65 million ounces on Monday, the highest since October.
In the week ahead, gold is expected to remain underpinned ahead of the crucial US employment claims and non-farm payrolls data.
Gold Technical Levels
The metal has an immediate resistance at 1285 and 1294 levels. Meanwhile, support stands at 1272 levels below which doors could open for 1267 levels.
Gold looks for fresh cues
Currently, gold trades lower by 0.13% at 1275.30 levels, in a very tight range locked between 1272-1276 band. Gold prices struggles around 1280 levels as markets remain jittery over Greece debt-deal concerns. However, the precious metal fails to find fresh triggers that could set a clear direction for gold. Disappointing latest US economic releases from the US have boosted the safe-haven demand for gold.
Moreover, adding to the signs of investor confidence in the yellow metal, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose to 24.65 million ounces on Monday, the highest since October.
In the week ahead, gold is expected to remain underpinned ahead of the crucial US employment claims and non-farm payrolls data.
Gold Technical Levels
The metal has an immediate resistance at 1285 and 1294 levels. Meanwhile, support stands at 1272 levels below which doors could open for 1267 levels.