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10 Dec 2014
Gold glitters near 7-week peak
FXStreet (Mumbai) - Gold prices on Comex trades close to seven-week high as risk aversion across the globe, boosted the demand for the precious metal.
Currently, gold prices trade steady at USD 1231/Oz, after having clocked a 7-week high of USD 1239/Oz in the previous session. Gold prices jumped in the US trading after fears of global financial markets turmoil prompted a risk-off mood among investors, boosting the metal’s appeal as a safe-haven.
Moreover, dollar weakness amid Federal Reserve official’s comments on interest rate hikes ahead of next week’s Fed Meeting also supported the yellow metal prices.
Gold Technical Levels
The metal has an immediate resistance at 1235.50 (Oct 28 High), above which gains could be extended to 1239 (Dec 9 High) and 1245 (Oct 23 High) levels. Meanwhile, support stands at 1228.70 (Oct 24 Low), below which doors could open for 1222.49 (20-day SMA)) and here to 1217 (Oct 10 Low) levels.
Currently, gold prices trade steady at USD 1231/Oz, after having clocked a 7-week high of USD 1239/Oz in the previous session. Gold prices jumped in the US trading after fears of global financial markets turmoil prompted a risk-off mood among investors, boosting the metal’s appeal as a safe-haven.
Moreover, dollar weakness amid Federal Reserve official’s comments on interest rate hikes ahead of next week’s Fed Meeting also supported the yellow metal prices.
Gold Technical Levels
The metal has an immediate resistance at 1235.50 (Oct 28 High), above which gains could be extended to 1239 (Dec 9 High) and 1245 (Oct 23 High) levels. Meanwhile, support stands at 1228.70 (Oct 24 Low), below which doors could open for 1222.49 (20-day SMA)) and here to 1217 (Oct 10 Low) levels.