27 Jan 2015
Gold declines as safe haven demand fades
FXStreet (Mumbai) - Gold prices on Comex extended gains for the third straight session, trading below USD 1280 levels as traders now markets now focus on key events in the US, including a Fed Meeting later in the week.
Currently, gold trades lower by -0.11% at 1278.90 levels, pulling away from intraday lows of 1273.30 levels hit earlier in the session. Gold extended losses as demand for safe-haven faded after the new Greek government pledged to keep the nation within the single currency area, result of which the Euro rebounded from twelve year lows. Gold is expected to remain pressured as markets tune their attention back to the US this week with the year's first meeting of the Federal Reserve.
Moreover, strengthening global equities and reports that SPDR Gold Trust, the top gold ETF, holdings rose 0.24% to 743.44 tonnes yesterday failed to lend support to gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1287 and 1290.24 levels. Meanwhile, support stands at 1273 levels below which doors could open for 1270 levels.
Currently, gold trades lower by -0.11% at 1278.90 levels, pulling away from intraday lows of 1273.30 levels hit earlier in the session. Gold extended losses as demand for safe-haven faded after the new Greek government pledged to keep the nation within the single currency area, result of which the Euro rebounded from twelve year lows. Gold is expected to remain pressured as markets tune their attention back to the US this week with the year's first meeting of the Federal Reserve.
Moreover, strengthening global equities and reports that SPDR Gold Trust, the top gold ETF, holdings rose 0.24% to 743.44 tonnes yesterday failed to lend support to gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1287 and 1290.24 levels. Meanwhile, support stands at 1273 levels below which doors could open for 1270 levels.