8 Dec 2014
Gold on a slow rise towards USD 1200
FXStreet (Mumbai) - Gold prices are slowly rising towards the USD 1200 mark after recovering from the lows earlier today on disappointing Asian data.
The yellow metal now trades 0.55% higher at USD 1197/Oz levels; having recovered from the low of USD 1187.40/Oz hit earlier today. The weak Japanese GDP and the collapse in Chinese import data renewed concerns of a slowdown in the global economy. However, the rise has been slow due to the strength in the US dollar index.
The metal may rise further as the US treasury yields have weakened to trade at the day’s low. On similar lines, weakness in the US stock markets may prop-up the metal prices.
Gold Technical Levels
Gold has an immediate resistance at 1200, above which prices may rise to 1208 levels. Meanwhile, support is seen at 1186.40 and 1174.70 levels.
The yellow metal now trades 0.55% higher at USD 1197/Oz levels; having recovered from the low of USD 1187.40/Oz hit earlier today. The weak Japanese GDP and the collapse in Chinese import data renewed concerns of a slowdown in the global economy. However, the rise has been slow due to the strength in the US dollar index.
The metal may rise further as the US treasury yields have weakened to trade at the day’s low. On similar lines, weakness in the US stock markets may prop-up the metal prices.
Gold Technical Levels
Gold has an immediate resistance at 1200, above which prices may rise to 1208 levels. Meanwhile, support is seen at 1186.40 and 1174.70 levels.