13 Feb 2015
Gold steadies at USD 1230/Oz levels
FXStreet (Mumbai) - Gold prices are trading steady around USD 1230/Oz levels after having gained from USD 1223/Oz during the Asian session.
Weak USD supports Gold prices
The moderate gains in the yellow metal have been largely triggered by the weakness in the US dollar. Moreover, prices managed to sustain above USD 1220 levels in the North American session yesterday, mainly on account of a sharp decline in the USD post the disappointing economic data in the US. The weakness has been extended today, as the USD index trades 0.17% lower at 94.13 levels ahead of the European opening bell.
However, gains are being capped around the 5-DMA located at USD 1230.00, since weaker US data has failed to push the Treasury yields significantly lower.
Gold Technical Levels
The immediate resistance is seen at 1234.53 (50-DMA), above which gains could be extended to the 10-DMA located at 1241.51 levels. On the flip side, a break below the daily low of 1222.8 could push the pair down to the 10-DMA located at 1214.54 levels.
Weak USD supports Gold prices
The moderate gains in the yellow metal have been largely triggered by the weakness in the US dollar. Moreover, prices managed to sustain above USD 1220 levels in the North American session yesterday, mainly on account of a sharp decline in the USD post the disappointing economic data in the US. The weakness has been extended today, as the USD index trades 0.17% lower at 94.13 levels ahead of the European opening bell.
However, gains are being capped around the 5-DMA located at USD 1230.00, since weaker US data has failed to push the Treasury yields significantly lower.
Gold Technical Levels
The immediate resistance is seen at 1234.53 (50-DMA), above which gains could be extended to the 10-DMA located at 1241.51 levels. On the flip side, a break below the daily low of 1222.8 could push the pair down to the 10-DMA located at 1214.54 levels.