30 Jan 2015
Gold rebounds from 2-week lows
FXStreet (Mumbai) - Gold prices on Comex advanced in the Asian session, recovering from fresh two week lows reached in the previous session largely as Fed stays on its course to raise interest rates as early as mid-2015.
Currently, gold trades higher by 0.44% at 1261.20 levels, pulling away from fresh two-week lows of 1252.10 levels hit in the previous session. Gold prices recovered and remains on track to post its biggest monthly gain in almost a year as uncertainties over Greek developments continue to underpin the yellow metal prices. Moreover, gold prices are expected to remain supported ahead of renewed buying interest from the Chinese ahead of the Lunar New Year next month.
Meanwhile, traders now shift their attention towards crucial US fourth-quarter gross domestic product (GDP) data due out later in the day.
Gold Technical Levels
The metal has an immediate resistance at 1266 and 1272 levels. Meanwhile, support stands at 1256 levels below which doors could open for 1252 levels.
Currently, gold trades higher by 0.44% at 1261.20 levels, pulling away from fresh two-week lows of 1252.10 levels hit in the previous session. Gold prices recovered and remains on track to post its biggest monthly gain in almost a year as uncertainties over Greek developments continue to underpin the yellow metal prices. Moreover, gold prices are expected to remain supported ahead of renewed buying interest from the Chinese ahead of the Lunar New Year next month.
Meanwhile, traders now shift their attention towards crucial US fourth-quarter gross domestic product (GDP) data due out later in the day.
Gold Technical Levels
The metal has an immediate resistance at 1266 and 1272 levels. Meanwhile, support stands at 1256 levels below which doors could open for 1252 levels.