11 Dec 2014
Gold prices stuck at 5-day SMA levels
FXStreet (Mumbai) - Gold prices on Comex trades almost unchanged, close to seven-week high after tumbling oil prices wiped off the metal’s appeal as a hedge against oil-led inflation.
Currently, gold prices trade steady at USD 1229.90/Oz, after having clocked a high of USD 1233.40/Oz in early Asian trading. Gold prices remain buoyed as global equities and oil prices once again lost traction in the previous session, boosted the metal’s demand as a safe-haven. Continued dollar weakness is also likely to support the upside in gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1235.50 (Oct 28 High), above which gains could be extended to 1239 (Dec 9 High) and 1245 (Oct 23 High) levels. Meanwhile, support stands at 1228.70 (Oct 24 Low), below which doors could open for 1224.41 (50-day SMA) and here to 1217 (Oct 10 Low) levels.
Currently, gold prices trade steady at USD 1229.90/Oz, after having clocked a high of USD 1233.40/Oz in early Asian trading. Gold prices remain buoyed as global equities and oil prices once again lost traction in the previous session, boosted the metal’s demand as a safe-haven. Continued dollar weakness is also likely to support the upside in gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1235.50 (Oct 28 High), above which gains could be extended to 1239 (Dec 9 High) and 1245 (Oct 23 High) levels. Meanwhile, support stands at 1228.70 (Oct 24 Low), below which doors could open for 1224.41 (50-day SMA) and here to 1217 (Oct 10 Low) levels.