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24 Feb 2015
Gold struggles near USD 1200
Gold prices struggle to extend gains above the USD 1200 mark amid a heavy US dollar and optimism regarding the Greek debt deal.
Gold: Stuck at hourly 50-MA
The prices have failed to rise through the hourly 50-MA located at USD 1201.5 levels. The yellow metal has been hovering in the range of USD 1200-1194 throughout the European session. Mixed action in the European equities and caution ahead of the Fed chairwoman Yellen’s testimony has kept investors on the sidelines. The big bets could be made once markets start receiving Yellen’s view regarding the lift-off in in the interest rates in the US.
Gold Technical Levels
The metal currently trades at USD 1200/Oz levels. The immediate support is seen at 1194.4, under which prices could fall to the previous session’s low of 1190.9. On the flip side, a break above 1201.5 (hourly 50-MA), could push the pair higher to 1210.3 levels.
Gold: Stuck at hourly 50-MA
The prices have failed to rise through the hourly 50-MA located at USD 1201.5 levels. The yellow metal has been hovering in the range of USD 1200-1194 throughout the European session. Mixed action in the European equities and caution ahead of the Fed chairwoman Yellen’s testimony has kept investors on the sidelines. The big bets could be made once markets start receiving Yellen’s view regarding the lift-off in in the interest rates in the US.
Gold Technical Levels
The metal currently trades at USD 1200/Oz levels. The immediate support is seen at 1194.4, under which prices could fall to the previous session’s low of 1190.9. On the flip side, a break above 1201.5 (hourly 50-MA), could push the pair higher to 1210.3 levels.