18 May 2015
Gold hits session high of USD 1232.3/Oz
FXStreet (Mumbai) - Gold prices rallied in the early European session to hit a high of USD 1232.3/Oz levels, despite the strength in the USD index.
Gold at three-month highs
Prices rose to the highest level since Feb. 17th even though the European desks bid the USD higher across the board. The metal has been the beneficiary of the rout in the bond market, coupled with a lack of buying interest seen in the major equity markets across the globe.
Moreover, the metal could have rallied after Fed’s Evans said the bank would not be able to achieve its 2% inflation target until 2018 and that the bank should refrain from raising rates in 2015.
Gold Technical Levels
The metal currently trades at USD 1228/Oz. The immediate resistance is seen at 1236.8 (Feb 16 high), above which prices face a major hurdle at 1245.6 (Feb. 10 high). On the other hand, support is seen at 1224.4 and 1215 levels.
Gold at three-month highs
Prices rose to the highest level since Feb. 17th even though the European desks bid the USD higher across the board. The metal has been the beneficiary of the rout in the bond market, coupled with a lack of buying interest seen in the major equity markets across the globe.
Moreover, the metal could have rallied after Fed’s Evans said the bank would not be able to achieve its 2% inflation target until 2018 and that the bank should refrain from raising rates in 2015.
Gold Technical Levels
The metal currently trades at USD 1228/Oz. The immediate resistance is seen at 1236.8 (Feb 16 high), above which prices face a major hurdle at 1245.6 (Feb. 10 high). On the other hand, support is seen at 1224.4 and 1215 levels.