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7 Jan 2015
Gold retreats, USD bulls weigh
FXStreet (Mumbai) - Gold prices eased in Asian morning, reversing gains from the previous session on a bout of profit booking at higher levels after the safe-haven induced rally witnessed in the US trading.
Currently, gold traded at USD 1216.60/Oz, down -0.26%, retreated from yesterday’s high of 1223.30 levels. Gold prices eased today as the US dollar index regained strength and trades at fresh multi-year peaks at 92.05 levels. Gold prices edged higher in the previous session as traders ran to the safe-haven metal, worrying about a possible Greek exit from the euro zone that may spark political uncertainty. Muted stock markets and falling oil also supported the precious metal's appeal.
Gold prices stays supported on reports that showed assets in the SPDR Gold Trust rose at 710.81 metric tons on Monday, the first time in two weeks.
Gold Technical Levels
The metal has an immediate resistance at 1223.30 (Jan 6 High) levels, above which gains could be extended to 1228.90 (Dec 12 High) levels. Meanwhile, support stands at 1210.90 (Dec 30 High) below which doors could open for 1203.66 (100-DMA) levels.
Currently, gold traded at USD 1216.60/Oz, down -0.26%, retreated from yesterday’s high of 1223.30 levels. Gold prices eased today as the US dollar index regained strength and trades at fresh multi-year peaks at 92.05 levels. Gold prices edged higher in the previous session as traders ran to the safe-haven metal, worrying about a possible Greek exit from the euro zone that may spark political uncertainty. Muted stock markets and falling oil also supported the precious metal's appeal.
Gold prices stays supported on reports that showed assets in the SPDR Gold Trust rose at 710.81 metric tons on Monday, the first time in two weeks.
Gold Technical Levels
The metal has an immediate resistance at 1223.30 (Jan 6 High) levels, above which gains could be extended to 1228.90 (Dec 12 High) levels. Meanwhile, support stands at 1210.90 (Dec 30 High) below which doors could open for 1203.66 (100-DMA) levels.