29 Jan 2015
Gold extends losses
FXStreet (Mumbai) - Gold prices are down by more than 1%, after an upbeat German data further reduced the safe haven appeal of the metal.
Fed statement continues to weigh on Gold
The metal has come under pressure after the latest Federal Reserve statement released yesterday showed an optimistic outlook on the US economy coupled with low inflationary pressures. Overall, it did little to alter the rate hike expectations.
The drop was extended further after the decline in German unemployment in January helped clam market nerves, which pushed Gold prices to the session lows. So far the weakness in the European equities and a slight correction in the USD index has failed to support the yellow metal.
Gold Technical Levels
The metal currently trades 1.01% lower at USD 1273/Oz levels. The immediate support is located at 1272.3 and 1266.9 levels. On the flip side, resistance is seen at 1284.2 and 1292.1 levels.
Fed statement continues to weigh on Gold
The metal has come under pressure after the latest Federal Reserve statement released yesterday showed an optimistic outlook on the US economy coupled with low inflationary pressures. Overall, it did little to alter the rate hike expectations.
The drop was extended further after the decline in German unemployment in January helped clam market nerves, which pushed Gold prices to the session lows. So far the weakness in the European equities and a slight correction in the USD index has failed to support the yellow metal.
Gold Technical Levels
The metal currently trades 1.01% lower at USD 1273/Oz levels. The immediate support is located at 1272.3 and 1266.9 levels. On the flip side, resistance is seen at 1284.2 and 1292.1 levels.