12 Dec 2014
Gold trades weak despite slowdown in Chinese Industrial activity
FXStreet (Mumbai) - Gold prices continue to trade weak ahead of the European session despite of a slowdown in the Industrial production in the world’s second largest economy.
Gold currently trades 0.335 lower at USD 1221.50/Oz levels, compared to the previous session’s close of USD 1225.60/Oz. The metal failed to witness a rise in demand even after the official data released earlier today in China showed industrial output rose by a less-than-expected 7.2% in November from a year earlier. Economists polled by Reuters expected industrial output to rise 7.5%. Meanwhile, a better-than-expected retail sales data in China may have capped gains the yellow metal.
The metal may erase losses since the major European index futures are trading under pressure. The Germany’s DAX futures are down 0.23%, while the London’s Ftse futures are trading flat. The Euro Stoxx 50 futures have weakened 0.29%.
Gold Technical Levels
The metal trades near immediate support at 1221, under which prices can fall to 1215.30. Meanwhile, resistance is seen at 1230 and 1239 levels.
Gold currently trades 0.335 lower at USD 1221.50/Oz levels, compared to the previous session’s close of USD 1225.60/Oz. The metal failed to witness a rise in demand even after the official data released earlier today in China showed industrial output rose by a less-than-expected 7.2% in November from a year earlier. Economists polled by Reuters expected industrial output to rise 7.5%. Meanwhile, a better-than-expected retail sales data in China may have capped gains the yellow metal.
The metal may erase losses since the major European index futures are trading under pressure. The Germany’s DAX futures are down 0.23%, while the London’s Ftse futures are trading flat. The Euro Stoxx 50 futures have weakened 0.29%.
Gold Technical Levels
The metal trades near immediate support at 1221, under which prices can fall to 1215.30. Meanwhile, resistance is seen at 1230 and 1239 levels.