11 Feb 2015
Gold moves away from 1-month lows, trades below USD 1240
FXStreet (Mumbai) - Gold prices on Comex advanced amid thin Asian demand, rebounding from near one month-lows reached in the previous session, as traders continue to speculate over Greece’s future.
Stuck below 200-DMA
Currently, gold trades higher by 0.41% at 1237.30 levels, having posted daily lows at 1233.30 at the open. Gold prices edged higher as traders keep a close eye on talks between Greece and EU in the upcoming meeting at Brussels later today, before funds from the second Greece bailout run out at the end of the month. Adding to the investor confidence in the yellow metal, holdings in the SPDR Trust, the world's number one exchange traded fund backed by the yellow metal, remained at 773.31 tonnes on Monday, the highest level since September 25.
Gold fell close to monthly lows in the previous session after rumours of a compromise proposal from Greece's Finance Minister spread across the markets and pushed the yellow metal down. Moreover, a stronger greenback after solid jobs data also weighed on the gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1246 (200-DMA) and 1253 (10-DMA) levels. Meanwhile, support stands at 1233.89 (50-DMA) levels below which doors could open for 1228 levels.
Stuck below 200-DMA
Currently, gold trades higher by 0.41% at 1237.30 levels, having posted daily lows at 1233.30 at the open. Gold prices edged higher as traders keep a close eye on talks between Greece and EU in the upcoming meeting at Brussels later today, before funds from the second Greece bailout run out at the end of the month. Adding to the investor confidence in the yellow metal, holdings in the SPDR Trust, the world's number one exchange traded fund backed by the yellow metal, remained at 773.31 tonnes on Monday, the highest level since September 25.
Gold fell close to monthly lows in the previous session after rumours of a compromise proposal from Greece's Finance Minister spread across the markets and pushed the yellow metal down. Moreover, a stronger greenback after solid jobs data also weighed on the gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1246 (200-DMA) and 1253 (10-DMA) levels. Meanwhile, support stands at 1233.89 (50-DMA) levels below which doors could open for 1228 levels.