20 Jan 2015
Gold gains 1%
FXStreet (Mumbai) - Gold prices gained strength during the European session, supported by weakness in the US treasury yields and renewed concerns of global growth slowdown.
The yellow metal currently trades 1.10% higher for the day at USD 1290.80/Oz levels. The metal gained, tracking the weakness in the Treasury yields. The 10-yr yield in the US declined 1.7 basis points to 1.798%. The safe haven demand for the metal is on the rise after the full year China GDP data for 2014 came-in at 7.4%, its slowest rate in 24 years. Meanwhile, the IMF also reduced its 2015 global growth forecast to 3.5%. Moreover, Gold prices rallied despite gains in the European equity markets.
Gold Technical Levels
The immediate resistance located at 1296.5, above which the meal could test 1300 levels. Meanwhile, support is seen at 1282 and 1278 levels.
The yellow metal currently trades 1.10% higher for the day at USD 1290.80/Oz levels. The metal gained, tracking the weakness in the Treasury yields. The 10-yr yield in the US declined 1.7 basis points to 1.798%. The safe haven demand for the metal is on the rise after the full year China GDP data for 2014 came-in at 7.4%, its slowest rate in 24 years. Meanwhile, the IMF also reduced its 2015 global growth forecast to 3.5%. Moreover, Gold prices rallied despite gains in the European equity markets.
Gold Technical Levels
The immediate resistance located at 1296.5, above which the meal could test 1300 levels. Meanwhile, support is seen at 1282 and 1278 levels.