19 Jan 2015
Gold trades near four-month highs, awaits fresh cues
FXStreet (Mumbai) - Gold prices eased-off from four-month highs, although prices continue to hover around the same ahead on heightened expectations of the European Central Bank (ECB) announcing a sovereign QE program later this week.
The yellow metal currently trades 0.13% higher at USD 1278.60/Oz levels, compared to the previous four-month high of USD 1282.40/Oz levels hit last week. The metal lacks cues from the Treasury yields today, since the US markets are closed on account of the Martin Luther King day. Thus, fresh cues are due for release tomorrow in the form of Q4 Chinese GDP data, which is likely to show the rate of growth slowed down to 7.3% from the 7.4% seen in Q3.
Meanwhile, the metal remains well supported on the expectations of a big QE program from the ECB later this week.
Gold Technical Levels
The immediate resistance is seen at 1282.40, above which gains could be extended to 1286.40. Meanwhile, support is seen at 1275.20 and 1271.90 levels.
The yellow metal currently trades 0.13% higher at USD 1278.60/Oz levels, compared to the previous four-month high of USD 1282.40/Oz levels hit last week. The metal lacks cues from the Treasury yields today, since the US markets are closed on account of the Martin Luther King day. Thus, fresh cues are due for release tomorrow in the form of Q4 Chinese GDP data, which is likely to show the rate of growth slowed down to 7.3% from the 7.4% seen in Q3.
Meanwhile, the metal remains well supported on the expectations of a big QE program from the ECB later this week.
Gold Technical Levels
The immediate resistance is seen at 1282.40, above which gains could be extended to 1286.40. Meanwhile, support is seen at 1275.20 and 1271.90 levels.