19 Dec 2014
Gold struggles to rise above USD 1200
FXStreet (Mumbai) - The yellow metal trades lackluster after failing to rise above USD 1200 levels in the Asian session today.
Gold currently trades 0.23% higher at USD 1197.50/Oz levels, compared to the previous session’s close of USD 1194.80. The gains in the metal are being capped since the Asian equities have extended the rally witnessed on Wall Street yesterday. Plus, the Bank of Japan’s decision to hold the annual monetary expansion target unchanged at JPY 80 trillion did little to support the Gold prices.
Meanwhile, the US dollar index is trading largely unchanged at 89.50 levels. No major data is due out of Europe or US today. Hence the yellow metal is likely to take cues from the equity markets.
Gold Technical Levels
Gold has an immediate support located at 1193.79 (50-DMA), under which prices may test 1186.40 levels. Meanwhile, resistance is seen at 1200 and 1202 (20-DMA) levels.
Gold currently trades 0.23% higher at USD 1197.50/Oz levels, compared to the previous session’s close of USD 1194.80. The gains in the metal are being capped since the Asian equities have extended the rally witnessed on Wall Street yesterday. Plus, the Bank of Japan’s decision to hold the annual monetary expansion target unchanged at JPY 80 trillion did little to support the Gold prices.
Meanwhile, the US dollar index is trading largely unchanged at 89.50 levels. No major data is due out of Europe or US today. Hence the yellow metal is likely to take cues from the equity markets.
Gold Technical Levels
Gold has an immediate support located at 1193.79 (50-DMA), under which prices may test 1186.40 levels. Meanwhile, resistance is seen at 1200 and 1202 (20-DMA) levels.