12 Jan 2015
Gold rises to highest in 5-Weeks
FXStreet (Mumbai) - Gold prices jumped in late-Asian session, extending its gains from the previous session and rose to the highest levels in five-weeks on a weaker US dollar.
Currently, gold traded at USD 1229.80/Oz, up 1.13%, after having posted fresh more-than a month high at USD 1231.20/Oz some minutes ago. Gold prices strengthened on weak US dollar after disappointing US employment data raised hopes of a slower pace of interest-rate hike which boosted gold’s appeal as alternative investment.
Moreover, gold prices may garner additional support from risk-off trades as Greece elections are on the horizon coupled with increased Asian physical demand ahead of Lunar New Year which begins mid-February.
Gold Technical Levels
The metal has an immediate resistance at 1238.90 (Dec 10 High) levels, above which gains could be extended to 12460.7 (200-DMA) levels. Meanwhile, support stands at 1221.70 (Dec 14 Low) below which doors could open for 1216.40 (Dec 11 Low) levels.
Currently, gold traded at USD 1229.80/Oz, up 1.13%, after having posted fresh more-than a month high at USD 1231.20/Oz some minutes ago. Gold prices strengthened on weak US dollar after disappointing US employment data raised hopes of a slower pace of interest-rate hike which boosted gold’s appeal as alternative investment.
Moreover, gold prices may garner additional support from risk-off trades as Greece elections are on the horizon coupled with increased Asian physical demand ahead of Lunar New Year which begins mid-February.
Gold Technical Levels
The metal has an immediate resistance at 1238.90 (Dec 10 High) levels, above which gains could be extended to 12460.7 (200-DMA) levels. Meanwhile, support stands at 1221.70 (Dec 14 Low) below which doors could open for 1216.40 (Dec 11 Low) levels.