26 Mar 2015
Gold rises above USD 1200
FXStreet (Mumbai) - Gold prices rose above the USD 1200 mark amid signs of risk aversion in the equity markets.
Safe havens rise as equities fall
Gold, and other safe haven assets like the Japanese Yen, advanced as the equity markets across the globe have turned risk averse. The DJIA fell more than 1.5% on Wednesday leading to a fall in the major Asian equities. The European equities too are likely to open lower. The Dax futures and the Ftse futures are trading lower by 0.27% and 0.225 respectively. Consequently, Gold edged higher by 0.36% to trade at USD 1201.30/Oz.
Gold Technical Levels
The immediate support is seen at 1200, under which losses could be extended to 1192.90 (5-DMA). On the flip side, resistance is seen at 1205 and 1208.87 (50-DMA).
Safe havens rise as equities fall
Gold, and other safe haven assets like the Japanese Yen, advanced as the equity markets across the globe have turned risk averse. The DJIA fell more than 1.5% on Wednesday leading to a fall in the major Asian equities. The European equities too are likely to open lower. The Dax futures and the Ftse futures are trading lower by 0.27% and 0.225 respectively. Consequently, Gold edged higher by 0.36% to trade at USD 1201.30/Oz.
Gold Technical Levels
The immediate support is seen at 1200, under which losses could be extended to 1192.90 (5-DMA). On the flip side, resistance is seen at 1205 and 1208.87 (50-DMA).