16 Jan 2015
Gold retreats from 4-Month Highs
FXStreet (Mumbai) - Gold prices on Comex edged lower in the European session, having traded in a narrow range in the previous session as traders took to profit booking after the recent rally.
Currently, gold trades at 1258.50 levels, down -51% on the day. Gold fell today as markets settled dust over the SNB Black Swan event and also as risk-on environment revives. Gold rallied to four-month highs yesterday after SNB’s unexpected move created havoc in the markets with investors running to gold as a safe-haven asset.
Gold Technical Levels
The metal has an immediate resistance at 1267 and 1270 levels. Meanwhile, support stands at 1255 levels below which doors could open for 1244 levels.
Currently, gold trades at 1258.50 levels, down -51% on the day. Gold fell today as markets settled dust over the SNB Black Swan event and also as risk-on environment revives. Gold rallied to four-month highs yesterday after SNB’s unexpected move created havoc in the markets with investors running to gold as a safe-haven asset.
Gold Technical Levels
The metal has an immediate resistance at 1267 and 1270 levels. Meanwhile, support stands at 1255 levels below which doors could open for 1244 levels.