17 Feb 2015
Gold hits fresh session lows
FXStreet (Mumbai) - Gold prices hit a fresh session low of USD 1218.8/Oz levels, tracking the uptick in the US treasury yields and the mixed action in the European equity markets post an upbeat Zew survey data.
Gold at four-day low
Prices fell to a four-day low after having failed in three-consecutive sessions near the 50-DMA located at USD 1236.44 levels. The yellow metal extended the slide ahead of the US session as the 10-year Treasury yields in the US recovered losses to trade 1.2 basis points higher at 2.033%. Earlier today, the upbeat German and Eurozone Zew economic sentiment index also pressurized the yellow metal.
In the meantime, markets continue to ignore Gold as a safe haven asset amid an extended standoff between the Eurogroup and Greece post the failure of talks yesterday. The yellow metal could extend losses further if the US equity market rallies.
Gold Technical Levels
At the moment, the metal is trading 0.59% lower at USD 1219.18/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 1216.6 and 1214.13 (100-DMA) levels.
Gold at four-day low
Prices fell to a four-day low after having failed in three-consecutive sessions near the 50-DMA located at USD 1236.44 levels. The yellow metal extended the slide ahead of the US session as the 10-year Treasury yields in the US recovered losses to trade 1.2 basis points higher at 2.033%. Earlier today, the upbeat German and Eurozone Zew economic sentiment index also pressurized the yellow metal.
In the meantime, markets continue to ignore Gold as a safe haven asset amid an extended standoff between the Eurogroup and Greece post the failure of talks yesterday. The yellow metal could extend losses further if the US equity market rallies.
Gold Technical Levels
At the moment, the metal is trading 0.59% lower at USD 1219.18/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 1216.6 and 1214.13 (100-DMA) levels.