6 Mar 2015
Gold back below USD 1200
FXStreet (Mumbai) - Gold prices on Comex keeps gains below USD 1200 psychological levels during the Asian session, stuck in a tight range as a rebound in global equities dented gold’s attractiveness as an alternative asset.
Gold consolidates above USD 1195
Currently, gold trades 0.22% higher at 1198.70 levels, facing clear rejection at 1200 levels. Gold prices extended ECB announcement gains and remained supported ahead of US employment data due for release later today. Moreover, USD profit booking rally ahead of US data pushed the US dollar lower, lifting the gold prices.
Gold prices rose higher in the previous session on ECB’s announcement of updated forecasts as ECB sounded more optimistic on the inflation prospects boosting demand for gold as a hedge against inflation.
Gold Technical Levels
The metal has an immediate resistance at 1201.66 (5-DMA) and 1208.84 (20-DMA) levels. Meanwhile, support stands at 1195 levels below which doors could open for 1182 levels.
Gold consolidates above USD 1195
Currently, gold trades 0.22% higher at 1198.70 levels, facing clear rejection at 1200 levels. Gold prices extended ECB announcement gains and remained supported ahead of US employment data due for release later today. Moreover, USD profit booking rally ahead of US data pushed the US dollar lower, lifting the gold prices.
Gold prices rose higher in the previous session on ECB’s announcement of updated forecasts as ECB sounded more optimistic on the inflation prospects boosting demand for gold as a hedge against inflation.
Gold Technical Levels
The metal has an immediate resistance at 1201.66 (5-DMA) and 1208.84 (20-DMA) levels. Meanwhile, support stands at 1195 levels below which doors could open for 1182 levels.