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15 Dec 2014
Gold trades near a technical support amid mixed action in equities
FXStreet (Mumbai) - Gold prices are hovering near a technical support located at USD 1218.10 on the daily chart, after having recovered from a low of USD 1214 hit earlier today.
Most of the Asian equity markets weakened today, which supported the yellow metal. The Asx 200 fell 0.64%, while the Hang Seng index fell 1.04%. Indian equities are trading marginally lower. Meanwhile, the Nikkei index in Japan retreated despite Abe’s landslide victory in elections. On the other hand, gains in the yellow metal are being capped by gains in the major European index futures. The DAX is up 0.12%, while the Ftse is up 0.47% at the time of writing. Consequently, the S&P futures in the US have gained 0.45%.
Gold Technical Levels
Gold has managed to sustain above the support located at 1218.10 (Dec 1 close). A breach of the same today could push the pair down to 1213 levels (10-DMA). Meanwhile, resistance is seen at 1230 and 1239 levels.
Most of the Asian equity markets weakened today, which supported the yellow metal. The Asx 200 fell 0.64%, while the Hang Seng index fell 1.04%. Indian equities are trading marginally lower. Meanwhile, the Nikkei index in Japan retreated despite Abe’s landslide victory in elections. On the other hand, gains in the yellow metal are being capped by gains in the major European index futures. The DAX is up 0.12%, while the Ftse is up 0.47% at the time of writing. Consequently, the S&P futures in the US have gained 0.45%.
Gold Technical Levels
Gold has managed to sustain above the support located at 1218.10 (Dec 1 close). A breach of the same today could push the pair down to 1213 levels (10-DMA). Meanwhile, resistance is seen at 1230 and 1239 levels.