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6 Jan 2015
Gold hovers at three-week highs
FXStreet (Mumbai) - Gold prices extended gains during the European session to trade at the three-week highs as the equity markets in Europe extended losses on risk aversion.
The yellow metal traded 0.60% higher at USD 1211.20/Oz levels, the level last seen three weeks before in December 2014. The metal rose above the USD 1200 mark yesterday after the US stock markets tanked, while the US Treasury yields weakened. The risk aversion continues today as the major European markets except the Germany’s Dax are trading in the red. Furthermore, the US index futures are pointing to a weak opening, which may help the yellow metal extend gains.
Gold Technical Levels
Gold has an immediate support located at 1210.90 (Dec. 30th high), under which the pair could re-test 1202.54 (100-DMA) levels. Meanwhile, resistance is seen at 1215.2 and 1221.8 levels.
The yellow metal traded 0.60% higher at USD 1211.20/Oz levels, the level last seen three weeks before in December 2014. The metal rose above the USD 1200 mark yesterday after the US stock markets tanked, while the US Treasury yields weakened. The risk aversion continues today as the major European markets except the Germany’s Dax are trading in the red. Furthermore, the US index futures are pointing to a weak opening, which may help the yellow metal extend gains.
Gold Technical Levels
Gold has an immediate support located at 1210.90 (Dec. 30th high), under which the pair could re-test 1202.54 (100-DMA) levels. Meanwhile, resistance is seen at 1215.2 and 1221.8 levels.