17 Dec 2014
Gold struggles to rise above USD 1200
FXStreet (Mumbai) - Gold prices are struggling near the USD 1200 mark despite the Federal Reserve (Fed) policy statement tilting slightly to a dovish side.
The metal clocked a high of USD 1201/Oz post the release of the policy statement, although the prices have been unable to extend gains. The Fed did drop the “considerable time” phrase, while lowering the median outlook for end-2015 Fed funds rate to 1.125% from the September’s forecast of 1.375%. At the same time, the Fed also stated it can be ‘patient’ in approaching rate hikes.
Moreover, the gains may have been capped as investors await more cues from the Fed chair Janet Yellen’s press conference.
Gold Technical Levels
Gold has an immediate support located at 1198.78 (50-DMA), under which losses could be extended to 1190 levels. Meanwhile, resistance is seen at 1200 and 1208 levels.
The metal clocked a high of USD 1201/Oz post the release of the policy statement, although the prices have been unable to extend gains. The Fed did drop the “considerable time” phrase, while lowering the median outlook for end-2015 Fed funds rate to 1.125% from the September’s forecast of 1.375%. At the same time, the Fed also stated it can be ‘patient’ in approaching rate hikes.
Moreover, the gains may have been capped as investors await more cues from the Fed chair Janet Yellen’s press conference.
Gold Technical Levels
Gold has an immediate support located at 1198.78 (50-DMA), under which losses could be extended to 1190 levels. Meanwhile, resistance is seen at 1200 and 1208 levels.