16 Feb 2015
Gold supported above USD 1230
FXStreet (Mumbai) - Gold prices on Comex remains elevated during the Asian session, as the greenback extends its losing streak from last week on a string of weaker than expected US economic data.
Gains capped by 10-DMA
Currently, gold trades higher by 0.43% at 1232.40 levels, close to fresh daily highs posted at 1233.60 levels some time ago. Gold prices inched higher benefited from a weak dollar, which made the asset more attractive to buyers holding other currencies. The dollar slid on Friday as data showed U.S. consumer sentiment unexpectedly fell in February from an 11-year high amid worries over slowing economic growth. The dollar index, a measure of the greenback's strength relative to major peers, fell to a two-week low of 93.98 and now trades at 94.04 levels, down -0.20% on the day.
Moreover, gold prices are expected to remain buoyed on increased safe-haven demand amid Greece debt relief re-negotiations with Euro group starting later today.
Gold Technical Levels
The metal has an immediate resistance at 1236.12 (50-DMA) and 1243.99 (200-DMA) levels. Meanwhile, support stands at 1225.66 (5-DMA) levels below which doors could open for 1215 (100-DMA) levels.
Gains capped by 10-DMA
Currently, gold trades higher by 0.43% at 1232.40 levels, close to fresh daily highs posted at 1233.60 levels some time ago. Gold prices inched higher benefited from a weak dollar, which made the asset more attractive to buyers holding other currencies. The dollar slid on Friday as data showed U.S. consumer sentiment unexpectedly fell in February from an 11-year high amid worries over slowing economic growth. The dollar index, a measure of the greenback's strength relative to major peers, fell to a two-week low of 93.98 and now trades at 94.04 levels, down -0.20% on the day.
Moreover, gold prices are expected to remain buoyed on increased safe-haven demand amid Greece debt relief re-negotiations with Euro group starting later today.
Gold Technical Levels
The metal has an immediate resistance at 1236.12 (50-DMA) and 1243.99 (200-DMA) levels. Meanwhile, support stands at 1225.66 (5-DMA) levels below which doors could open for 1215 (100-DMA) levels.