22 Dec 2014
Gold uninspired by weak housing data in the US
FXStreet (Mumbai) - Gold prices continue to trade largely unchanged post release of the disappointing existing home sales data in the US.
The yellow metal trades largely unchanged at USD 1196/Oz levels despite the existing home sales in the US falling by 6.1% month-on-month in November, missing the forecast of a 1.1% decline, and down from 1.4% growth witnessed in October. Meanwhile, the Eurozone Consumer Confidence for December came-in at -10.9, beating the forecast of -11.0.
The metal remains unresponsive to both the data as investors stay on the sidelines ahead of the US GDP data due tomorrow.
Gold Technical Levels
Gold has an immediate support located at 1192.36 (50-DMA), under which losses could be extended to 1186.40 levels. Meanwhile, resistance is seen at 1203.40 and 1213.90 levels.
The yellow metal trades largely unchanged at USD 1196/Oz levels despite the existing home sales in the US falling by 6.1% month-on-month in November, missing the forecast of a 1.1% decline, and down from 1.4% growth witnessed in October. Meanwhile, the Eurozone Consumer Confidence for December came-in at -10.9, beating the forecast of -11.0.
The metal remains unresponsive to both the data as investors stay on the sidelines ahead of the US GDP data due tomorrow.
Gold Technical Levels
Gold has an immediate support located at 1192.36 (50-DMA), under which losses could be extended to 1186.40 levels. Meanwhile, resistance is seen at 1203.40 and 1213.90 levels.