20 Feb 2015
Gold falls into losses
FXStreet (Mumbai) - Gold prices fell into losses amid the absence of fresh fundamental triggers in the Asian session. Investor await the Eurogroup decision on Greece’s application for extension of the loan program.
Gold: relying on support at USD 1200
Gold bulls are relying on the psychological support at USD 1200/Oz levels. Prices did dip below the same on 18th Feb, although the metal recovered to USD 1223.1 levels. However, prices declined once again as the metal continues to see lack of strength as a safe haven metal amid Greece’s debt crisis. The metal currently trades at USD 1206.10/Oz; down 0.12% for the day.
Gold Technical Levels
The immediate resistance is seen at 1213.49 (100-DMA), above which gains could be extended to 1220.00 levels. On the flip side, a break below 1203, could push the metal down to 1195 levels.
Gold: relying on support at USD 1200
Gold bulls are relying on the psychological support at USD 1200/Oz levels. Prices did dip below the same on 18th Feb, although the metal recovered to USD 1223.1 levels. However, prices declined once again as the metal continues to see lack of strength as a safe haven metal amid Greece’s debt crisis. The metal currently trades at USD 1206.10/Oz; down 0.12% for the day.
Gold Technical Levels
The immediate resistance is seen at 1213.49 (100-DMA), above which gains could be extended to 1220.00 levels. On the flip side, a break below 1203, could push the metal down to 1195 levels.