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23 Jan 2015
Gold stuck in a range ahead of the US session
FXStreet (Mumbai) - Gold prices are largely stuck in a narrow range of USD 1292-1298/Oz ahead of the US session amid rising European equities, falling bond yields across Europe and US and a rising US dollar index.
The metal currently trades 0.22% lower for the day at USD 1297.80/OZ levels. The gains in the metal are being capped by the USD index, which is up 0.73% at 95.36 levels. Meanwhile, the falling bond yields across Europe and the US support the yellow metal. Furthermore, the uncertainty surrounding Greek elections on Sunday also supports Gold prices. The metal may manage to rise above USD 1300 levels if the US stock markets fail to extend the ECB driven rally seen in the European markets.
Gold Technical Levels
The immediate resistance is seen at 1300 and 1307.3 levels. On the flip side, a break below 1291.44 (5-DMA) shall open doors for a re-test of 1279.4 levels.
The metal currently trades 0.22% lower for the day at USD 1297.80/OZ levels. The gains in the metal are being capped by the USD index, which is up 0.73% at 95.36 levels. Meanwhile, the falling bond yields across Europe and the US support the yellow metal. Furthermore, the uncertainty surrounding Greek elections on Sunday also supports Gold prices. The metal may manage to rise above USD 1300 levels if the US stock markets fail to extend the ECB driven rally seen in the European markets.
Gold Technical Levels
The immediate resistance is seen at 1300 and 1307.3 levels. On the flip side, a break below 1291.44 (5-DMA) shall open doors for a re-test of 1279.4 levels.