23 Feb 2015
Gold holds above USD 1200 during Asian session
FXStreet (Mumbai) - Gold prices on Comex recovered slightly during the Asian session, although hovered close to seven week lows after a successful resolution to the Greek debt extension boosted investor appetite for risk, dulling the demand for gold as a safe-haven asset.
Gold rises from 1200.90 levels
Currently, gold trades flat at 1204.60 levels, having dropped close to seven week lows at 1197.70 levels on Friday. Gold prices remained flat as higher equities and easing Greece concerns continue to weigh on gold. However, markets remain wary ahead of US Fed’s Chair Janet Yellen's semi-annual address to the Senate Banking Committee tomorrow and a raft of US economic data, including homes sales and consumer confidence later this week.
In addition, lack of physical demand as most Asian markets remain closed on a week-long Lunar New Year holiday has also kept gold prices in a tight band. However, reflecting investors’ confidence in the yellow metal, holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.23% to 771.25 tonnes on Friday - a second straight day of inflows.
Gold Technical Levels
The metal has an immediate resistance at 1207 and 1213.48 (100-DMA) levels. Meanwhile, support stands at 1200 levels below which doors could open for 1197.20 levels.
Gold rises from 1200.90 levels
Currently, gold trades flat at 1204.60 levels, having dropped close to seven week lows at 1197.70 levels on Friday. Gold prices remained flat as higher equities and easing Greece concerns continue to weigh on gold. However, markets remain wary ahead of US Fed’s Chair Janet Yellen's semi-annual address to the Senate Banking Committee tomorrow and a raft of US economic data, including homes sales and consumer confidence later this week.
In addition, lack of physical demand as most Asian markets remain closed on a week-long Lunar New Year holiday has also kept gold prices in a tight band. However, reflecting investors’ confidence in the yellow metal, holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.23% to 771.25 tonnes on Friday - a second straight day of inflows.
Gold Technical Levels
The metal has an immediate resistance at 1207 and 1213.48 (100-DMA) levels. Meanwhile, support stands at 1200 levels below which doors could open for 1197.20 levels.