12 Feb 2015
Gold steadies around USD 1220
FXStreet (Mumbai) - Gold prices on Comex steadied in the late-Asian session, recovering slightly from fresh five week lows reached in the previous session after an inconclusive Greece-EU meeting.
Forms doji on daily charts
Currently, gold trades higher by 0.12% at 1221.10 levels, having posted daily highs at 1223.70 levels earlier in the day. Gold prices inched higher after European politicians failed to reach an agreement over Greece's debt obligations reignited concerns over Greece’s future, boosting safe-haven demand for yellow metal.
However, the gains in the yellow metal are likely to be limited on a strengthening US dollar amid speculations over Fed’s rate hike sooner than expected.
Gold Technical Levels
The metal has an immediate resistance at 1224 and 1229 levels. Meanwhile, support stands at 1216 levels below which doors could open for 1209 levels.
Forms doji on daily charts
Currently, gold trades higher by 0.12% at 1221.10 levels, having posted daily highs at 1223.70 levels earlier in the day. Gold prices inched higher after European politicians failed to reach an agreement over Greece's debt obligations reignited concerns over Greece’s future, boosting safe-haven demand for yellow metal.
However, the gains in the yellow metal are likely to be limited on a strengthening US dollar amid speculations over Fed’s rate hike sooner than expected.
Gold Technical Levels
The metal has an immediate resistance at 1224 and 1229 levels. Meanwhile, support stands at 1216 levels below which doors could open for 1209 levels.