6 Jan 2015
Gold trades above 100-DMA
FXStreet (Mumbai) - Gold prices trade well above the 100-DMA located at USD 1202.53, supported by risk aversion in the equity markets and fears of ‘Grexit”.
The yellow metal now trades 0.44% higher at USD 1209.40/Oz levels, compared to the previous session’s close of USD 1204/Oz levels. The metal finally managed to rise above the USD 1200.00 mark after the DJIA weakened 1.86% yesterday, along with a 2.99% fall in Germany’s Dax, and a 2% fall in the London’s Ftse. The risk aversion coupled with falling bond yields in the US at the long-end as well as the short-end of the curve helped the yellow metal gain strength.
Gold Technical Levels
The immediate resistance is seen at 1210.40 (Dec. 30 high), above which the metal could test 1215.2 (Dec. 3 high). Meanwhile, support is seen at 1202.53 (100-DMA) and 1194.2 (5-DMA) levels.
The yellow metal now trades 0.44% higher at USD 1209.40/Oz levels, compared to the previous session’s close of USD 1204/Oz levels. The metal finally managed to rise above the USD 1200.00 mark after the DJIA weakened 1.86% yesterday, along with a 2.99% fall in Germany’s Dax, and a 2% fall in the London’s Ftse. The risk aversion coupled with falling bond yields in the US at the long-end as well as the short-end of the curve helped the yellow metal gain strength.
Gold Technical Levels
The immediate resistance is seen at 1210.40 (Dec. 30 high), above which the metal could test 1215.2 (Dec. 3 high). Meanwhile, support is seen at 1202.53 (100-DMA) and 1194.2 (5-DMA) levels.