26 May 2015
Gold stuck around $ 1205
FXStreet (Mumbai) - Gold prices on Comex continues trade in a narrow in the late Asian trades, with markets awaiting fresh incentives while stronger US dollar at one month highs keeps a lid on prices.
Gold supported above $ 1200
Currently, gold trades modestly flat at 1206, having posted day’s high at 1207.90 and day’s low at 1204.90. Gold trades in a $3 slim range as persistent greenback strength across the board continues to weigh on the yellow metal.
Moreover, increased rate hike bets this year following upbeat US inflation figures dulls gold’s demand as a higher yielding asset.
Later in the day, gold prices are likely to US dollar moves ahead of key US durable goods order and new home sales data.
Gold Technical Levels
The metal has an immediate resistance at 1210 and 1215 levels. Meanwhile, support stands at 1200 below which doors could open for 1197 levels.
Gold supported above $ 1200
Currently, gold trades modestly flat at 1206, having posted day’s high at 1207.90 and day’s low at 1204.90. Gold trades in a $3 slim range as persistent greenback strength across the board continues to weigh on the yellow metal.
Moreover, increased rate hike bets this year following upbeat US inflation figures dulls gold’s demand as a higher yielding asset.
Later in the day, gold prices are likely to US dollar moves ahead of key US durable goods order and new home sales data.
Gold Technical Levels
The metal has an immediate resistance at 1210 and 1215 levels. Meanwhile, support stands at 1200 below which doors could open for 1197 levels.