1 Dec 2014
Gold trades at a 4-week low
FXStreet (Mumbai) - Gold prices weakened today to trade at a four-week low after the Swiss voters rejected a referendum requiring their central bank to hold a portion of its assets in gold.
Gold traded 1.8% lower at USD 1154/Oz levels at the time of writing. The metal opened weak today after the proposal stipulating the Swiss National Bank (SNB) to hold at least 20% of its CHF 520-billion balance sheet in Gold was voted down by 78% to 22%. Moreover, the strength in the US dollar is also hurting the yellow metal.
However, Gold has managed to recover from the day’s low of USD 1141.80 after the data showed China’s official PMI dipped to 50.3 in November from October’s 50.8. The yellow metal recovered part of its losses as the Australian shares saw their biggest fall since 10 October. Meanwhile, In South Korea, the Kospi index finished down 0.8%.
Gold Technical Levels
Gold has an immediate support located at 1141.80, under which prices can test 1130.40 levels (Nov 7 low). Meanwhile, resistance is seen at 1163.90 and 1179 levels.
Gold traded 1.8% lower at USD 1154/Oz levels at the time of writing. The metal opened weak today after the proposal stipulating the Swiss National Bank (SNB) to hold at least 20% of its CHF 520-billion balance sheet in Gold was voted down by 78% to 22%. Moreover, the strength in the US dollar is also hurting the yellow metal.
However, Gold has managed to recover from the day’s low of USD 1141.80 after the data showed China’s official PMI dipped to 50.3 in November from October’s 50.8. The yellow metal recovered part of its losses as the Australian shares saw their biggest fall since 10 October. Meanwhile, In South Korea, the Kospi index finished down 0.8%.
Gold Technical Levels
Gold has an immediate support located at 1141.80, under which prices can test 1130.40 levels (Nov 7 low). Meanwhile, resistance is seen at 1163.90 and 1179 levels.