20 Jan 2015
Gold back near session high
FXStreet (Mumbai) - Gold prices recovered a minor dip witnessed at the opening bell in the US to trade near the session highs after the US stocks fell into the red.
The yellow metal had declined to USD 1285.10/Oz levels, after the stock markets in the US saw early buying driven by positive corporate earnings. However, the major indices failed to sustain gains and fell into the red. The DJIA now trades 121 points or 0.69% lower at 17,390.50 levels, while the S&P is down 10.02 points or 0.50% at 2009.40 levels. Moreover, weaker equities also pushed the 10-year Treasury yields in the US lower by 5.1 basis points to 1.764%. Consequently, Gold recovered to trade at USD 1291.70/Oz levels; up 1.17% for the day. The yellow metal may extend gains if the stock markets in the US extend losses during the day ahead.
Gold Technical Levels
The immediate resistance is seen at 1296.5, above which the metal could test 1300 levels. Meanwhile, support is seen at 1282 and 1278 levels.
The yellow metal had declined to USD 1285.10/Oz levels, after the stock markets in the US saw early buying driven by positive corporate earnings. However, the major indices failed to sustain gains and fell into the red. The DJIA now trades 121 points or 0.69% lower at 17,390.50 levels, while the S&P is down 10.02 points or 0.50% at 2009.40 levels. Moreover, weaker equities also pushed the 10-year Treasury yields in the US lower by 5.1 basis points to 1.764%. Consequently, Gold recovered to trade at USD 1291.70/Oz levels; up 1.17% for the day. The yellow metal may extend gains if the stock markets in the US extend losses during the day ahead.
Gold Technical Levels
The immediate resistance is seen at 1296.5, above which the metal could test 1300 levels. Meanwhile, support is seen at 1282 and 1278 levels.