20 Jan 2015
Gold hits new 5-Month High
FXStreet (Mumbai) - Gold prices on Comex traded marched higher and recorded a fresh five-month high today at 1294.30 levels as investors flocked to the safe-haven appeal in gold amid bleak global growth prospects.
Currently, gold trades higher by 1% at 1290.50 levels, having previously posted day’s low at 1267.70 levels. Gold remains underpinned as a currency hedge, as the Euro continues to tumble ahead of European Central Bank (ECB) policy meet on Thursday. The ECB is widely expected to unveil a bond-buying stimulus package amid slowing price pressures and sluggish growth prospects. Moreover, the investors also find gold more attractive amid looming Greek political uncertainties before the country’s elections this Sunday.
Gold Technical Levels
The metal has an immediate resistance at 1300 and 1320 levels. Meanwhile, support stands at 1272 levels below which doors could open for 1267 levels.
Currently, gold trades higher by 1% at 1290.50 levels, having previously posted day’s low at 1267.70 levels. Gold remains underpinned as a currency hedge, as the Euro continues to tumble ahead of European Central Bank (ECB) policy meet on Thursday. The ECB is widely expected to unveil a bond-buying stimulus package amid slowing price pressures and sluggish growth prospects. Moreover, the investors also find gold more attractive amid looming Greek political uncertainties before the country’s elections this Sunday.
Gold Technical Levels
The metal has an immediate resistance at 1300 and 1320 levels. Meanwhile, support stands at 1272 levels below which doors could open for 1267 levels.