20 Feb 2015
Gold marginally up in Asia
FXStreet (Mumbai) - Gold prices inched up marginally to USD 1209.30/Oz in Asian trade as investors eye the Eurogroup meeting scheduled later today to decide upon whether to accept or reject the Greek’s extension request.
Gold trades below 100-DMA
The yellow metal fell below its 100-DMA located at USD 1213.49 in the previous session after the labor department data in the US showed initial jobless claims in the previous week decreased by 21,000 to 283,000 from the previous week’s total of 304,000. The metal had managed to clock a high of USD 1223.1 as the investors priced-in a delay in the interest rate hike in the US after the release of the dovish Fed minutes.
The metal could remain supported on the Greece’s debt issue today. Greece’s current EUR 240 billion bailout will expire on February 28 and the country will run out of money, which could trigger the country’s exit from the euro zone.
Gold Technical Levels
The immediate resistance is seen at 1213.49 (100-DMA), above which gains could be extended to 1220.00 levels. On the flip side, a break below 1203, could push the metal down to 1195 levels.
Gold trades below 100-DMA
The yellow metal fell below its 100-DMA located at USD 1213.49 in the previous session after the labor department data in the US showed initial jobless claims in the previous week decreased by 21,000 to 283,000 from the previous week’s total of 304,000. The metal had managed to clock a high of USD 1223.1 as the investors priced-in a delay in the interest rate hike in the US after the release of the dovish Fed minutes.
The metal could remain supported on the Greece’s debt issue today. Greece’s current EUR 240 billion bailout will expire on February 28 and the country will run out of money, which could trigger the country’s exit from the euro zone.
Gold Technical Levels
The immediate resistance is seen at 1213.49 (100-DMA), above which gains could be extended to 1220.00 levels. On the flip side, a break below 1203, could push the metal down to 1195 levels.