19 Jan 2015
Gold hovers around 4-Month highs
FXStreet (Mumbai) - Gold prices on Comex traded flat in a very narrow range today, although remained close to four month highs of 1282.40 levels reached on Friday.
Currently, gold trades flat at 1275.90 levels, having previously posted day’s high at 1279.50 and day’s low at 1275.40 levels. Gold prices inched lower today as markets sought to lock in gains from Friday’s rally. However, gold prices remain buoyed amid increased uncertainties in global markets as traders eagerly await European Central Bank policy meet due later this week.
Moreover, data showing that holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, climbed 1.92 percent to 730.89 tonnes on Friday - the fund's biggest daily percentage jump in nearly five years indicated rising investor confidence in the yellow metal.
Adding to the further strength in gold prices, U.S. Commodity Futures Trading Commission data showed that speculators raised their net long position in gold for the third straight week ending Jan. 13.
Gold Technical Levels
The metal has an immediate resistance at 1286.40 and 1320 levels. Meanwhile, support stands at 1267 levels below which doors could open for 1255 levels.
Currently, gold trades flat at 1275.90 levels, having previously posted day’s high at 1279.50 and day’s low at 1275.40 levels. Gold prices inched lower today as markets sought to lock in gains from Friday’s rally. However, gold prices remain buoyed amid increased uncertainties in global markets as traders eagerly await European Central Bank policy meet due later this week.
Moreover, data showing that holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, climbed 1.92 percent to 730.89 tonnes on Friday - the fund's biggest daily percentage jump in nearly five years indicated rising investor confidence in the yellow metal.
Adding to the further strength in gold prices, U.S. Commodity Futures Trading Commission data showed that speculators raised their net long position in gold for the third straight week ending Jan. 13.
Gold Technical Levels
The metal has an immediate resistance at 1286.40 and 1320 levels. Meanwhile, support stands at 1267 levels below which doors could open for 1255 levels.