18 Dec 2014
Gold trades flat
FXStreet (Mumbai) - Gold remains stuck around USD 1200 despite strength in equities as the demand for the yellow metal remained underpinned by the Swiss National Bank’s (SNB) surprise announcement of negative interest rates and fresh sell-off in Russian Ruble.
The yellow metal is up 0.30% for the day at USD 1198.10/Oz levels at the time of writing. The major European equity markets advanced today, extending the rally in US stocks post Federal Reserve policy statement. Moreover the negative interest rate announcement from the SNB supported Gold prices. Meanwhile, the Russian Ruble is seeing a renewed sell-off after hitting a high of 58.296 a dollar earlier today.
Gold Technical Levels
Gold has an immediate resistance at 1202, above which prices could test 1208 levels. Meanwhile, a break below the 50-DMA located at 1194, shall open doors for a re-test of 1186 levels.
The yellow metal is up 0.30% for the day at USD 1198.10/Oz levels at the time of writing. The major European equity markets advanced today, extending the rally in US stocks post Federal Reserve policy statement. Moreover the negative interest rate announcement from the SNB supported Gold prices. Meanwhile, the Russian Ruble is seeing a renewed sell-off after hitting a high of 58.296 a dollar earlier today.
Gold Technical Levels
Gold has an immediate resistance at 1202, above which prices could test 1208 levels. Meanwhile, a break below the 50-DMA located at 1194, shall open doors for a re-test of 1186 levels.