Back
8 Jan 2015
Gold steadies in Asian session
FXStreet (Mumbai) - Gold prices traded steady in late-Asian session, holding on to losses seen in the overnight trading, as rebounding global equities and a strong dollar weighed on the yellow metal.
Currently, gold traded at USD 1209.60/Oz, down -0.09%, after having posted intraday low at 1205 levels. Gold prices dropped today as the US dollar regained strength on a non-event Fed’s minutes release in addition to solid US economic data which boosted the greenback.
Moreover, reports showing that the holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.42 percent to 704.83 tonnes yesterday, their lowest since late 2008, hurt investor sentiments which may further pressure gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1219.40 (Jan 7 High) levels, above which gains could be extended to 1223.30 (Jan 6 High) levels. Meanwhile, support stands at 1203.41 (100-DMA) below which doors could open for 1196.73 (10-DMA) levels.
Currently, gold traded at USD 1209.60/Oz, down -0.09%, after having posted intraday low at 1205 levels. Gold prices dropped today as the US dollar regained strength on a non-event Fed’s minutes release in addition to solid US economic data which boosted the greenback.
Moreover, reports showing that the holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.42 percent to 704.83 tonnes yesterday, their lowest since late 2008, hurt investor sentiments which may further pressure gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1219.40 (Jan 7 High) levels, above which gains could be extended to 1223.30 (Jan 6 High) levels. Meanwhile, support stands at 1203.41 (100-DMA) below which doors could open for 1196.73 (10-DMA) levels.