17 Feb 2015
Gold declines 0.40%
FXStreet (Mumbai) - Gold prices declined after struggling to extend gains during the Asian session despite weakness in the European stocks and the standoff between Greece and its international creditors.
Gold falls as USD index recovers
The latest bout of weakness in Gold could have been triggered by the recovery in the USD index. The yellow metal declined from USD 1228 to trade at USD 1222/Oz levels as the USD index recovered from the low of 94.33 to trade at 94.53 levels. Meanwhile, investors do not seem to prefer Gold despite the failure of the Eurogroup talks. The lack of safe haven demand further pressurizes the yellow metal.
Gold Technical Levels
At the moment, the metal is trading 0.40% lower at USD 1222.20/Oz levels. The immediate resistance is seen at 50-DMA located at 1236.59, above which prices could rise to the 200-DMA located at 1242.55 levels. On the flip side, support is seen at 1220 and 1216.6 levels.
Gold falls as USD index recovers
The latest bout of weakness in Gold could have been triggered by the recovery in the USD index. The yellow metal declined from USD 1228 to trade at USD 1222/Oz levels as the USD index recovered from the low of 94.33 to trade at 94.53 levels. Meanwhile, investors do not seem to prefer Gold despite the failure of the Eurogroup talks. The lack of safe haven demand further pressurizes the yellow metal.
Gold Technical Levels
At the moment, the metal is trading 0.40% lower at USD 1222.20/Oz levels. The immediate resistance is seen at 50-DMA located at 1236.59, above which prices could rise to the 200-DMA located at 1242.55 levels. On the flip side, support is seen at 1220 and 1216.6 levels.