24 Feb 2016
Gold strengthens amid risk-off in Europe
The risk-off in Europe triggered a rise in demand for safety and quality, resulting in a moderate rise in Gold prices.
Capped at Tuesday’s high
Despite the risk-off, the upside in the metal is being capped around the Tuesday’s high of $1232.60 levels. Prices recovered from the low of $1221, tracking the oil driven slide in Asia and more importantly in Europe.
The upside in the metal is also being capped by reports; India’s imports could have hit 2-year low in February. At the time of writing, the metal traded around $1228/Oz levels.
Gold Technical Levels
The immediate resistance is seen at 1232.60, above which prices could rise to 1240 (Feb 18 high). On the other hand, a break below 1220.23 (hourly 100-MA) would expose 1212 (23.6% of Dec low-Feb high).
Capped at Tuesday’s high
Despite the risk-off, the upside in the metal is being capped around the Tuesday’s high of $1232.60 levels. Prices recovered from the low of $1221, tracking the oil driven slide in Asia and more importantly in Europe.
The upside in the metal is also being capped by reports; India’s imports could have hit 2-year low in February. At the time of writing, the metal traded around $1228/Oz levels.
Gold Technical Levels
The immediate resistance is seen at 1232.60, above which prices could rise to 1240 (Feb 18 high). On the other hand, a break below 1220.23 (hourly 100-MA) would expose 1212 (23.6% of Dec low-Feb high).