9 Dec 2014
Gold trades well above 50-DMA
FXStreet (Mumbai) - Gold prices are trading near the day’s high ahead of the European sessions, after having breached the 50-DMA level located at 1197 earlier today.
The yellow metal currently trades 0.86% higher at USD 1205.20/Oz levels, compared to the previous session’s close of USD 1194.90/Oz levels. The metal gained strength as the US dollar index retreated 0.17% to trade at 89.03 levels. Meanwhile, the 10-yr treasury yield in the US has weakened to 2.252%, lending support to the gold prices.
The metal may extend gains as the major European index futures are trading in the red. The DAX futures are down 0.79%, while the CAC futures are down 0.82%. On similar lines, the Ftse futures have weakened by 0.57%.
Gold Technical Level
Gold has an immediate resistance located at 1209.30, above which gains could be extended to 1223 (100-DMA). Meanwhile, support is located at 1197 (50-DMA), under which losses could be extended to 1190.00 levels.
The yellow metal currently trades 0.86% higher at USD 1205.20/Oz levels, compared to the previous session’s close of USD 1194.90/Oz levels. The metal gained strength as the US dollar index retreated 0.17% to trade at 89.03 levels. Meanwhile, the 10-yr treasury yield in the US has weakened to 2.252%, lending support to the gold prices.
The metal may extend gains as the major European index futures are trading in the red. The DAX futures are down 0.79%, while the CAC futures are down 0.82%. On similar lines, the Ftse futures have weakened by 0.57%.
Gold Technical Level
Gold has an immediate resistance located at 1209.30, above which gains could be extended to 1223 (100-DMA). Meanwhile, support is located at 1197 (50-DMA), under which losses could be extended to 1190.00 levels.