18 Dec 2014
Gold hovers above 50-DMA
FXStreet (Mumbai) - Gold prices recovered ahead of the European session to trade above the 50-DMA located at USD 1194.83 levels, although gains appear to be capped around the USD 1200 mark.
The yellow metal now trades 0.39% higher at USD 1199.30/Oz levels, compared to the previous session’s close of USD 1194.50/Oz levels. Prices came under pressure yesterday after the Federal Reserve chairman Yellen indicated sooner-than-expected policy normalization in case of a rapid economic recovery. However, the metal may have received support from the US 10-yr treasury yields, which are down 3 basis points to 2.12%.
Gold Technical Levels
Gold has an immediate support located at 1194.83 (50-DMA), under which prices can fall to 1186.40 (Dec 5 low). On the other hand, resistance is seen at 1200 and 1208 levels.
The yellow metal now trades 0.39% higher at USD 1199.30/Oz levels, compared to the previous session’s close of USD 1194.50/Oz levels. Prices came under pressure yesterday after the Federal Reserve chairman Yellen indicated sooner-than-expected policy normalization in case of a rapid economic recovery. However, the metal may have received support from the US 10-yr treasury yields, which are down 3 basis points to 2.12%.
Gold Technical Levels
Gold has an immediate support located at 1194.83 (50-DMA), under which prices can fall to 1186.40 (Dec 5 low). On the other hand, resistance is seen at 1200 and 1208 levels.