12 Dec 2014
Gold stuck below 50-day SMA
FXStreet (Mumbai) - Gold prices on Comex rebounded slightly in early Asian morning, after erasing gains in the US session on upbeat US data.
Currently, gold prices trade steady at USD 1225.60/Oz, after having clocked a high of USD 1227.40/Oz in early Asian hours. Gold prices fell in overnight trading after better than forecasts retails sales boosted the US dollar, increasing expectations of sooner than expected US interest rates hike. The U.S. Commerce Department reported earlier that retail sales rose 0.7% last month, beating expectations for a gain of 0.4%.
However, fears over global economic recovery and falling equities keep gold prices supported.
Gold Technical Levels
The metal has an immediate resistance at 1227.61 (50-day SMA), above which gains could be extended to 1235.50 (Oct 28 High) and 1239 (Dec 9 High) levels. Meanwhile, support stands at 1224.53 (20-day SMA), below which doors could open for 1217.25 (100-day SMA) and here to 1210 (200-day SMA) levels.
Currently, gold prices trade steady at USD 1225.60/Oz, after having clocked a high of USD 1227.40/Oz in early Asian hours. Gold prices fell in overnight trading after better than forecasts retails sales boosted the US dollar, increasing expectations of sooner than expected US interest rates hike. The U.S. Commerce Department reported earlier that retail sales rose 0.7% last month, beating expectations for a gain of 0.4%.
However, fears over global economic recovery and falling equities keep gold prices supported.
Gold Technical Levels
The metal has an immediate resistance at 1227.61 (50-day SMA), above which gains could be extended to 1235.50 (Oct 28 High) and 1239 (Dec 9 High) levels. Meanwhile, support stands at 1224.53 (20-day SMA), below which doors could open for 1217.25 (100-day SMA) and here to 1210 (200-day SMA) levels.