19 Dec 2014
Gold elevated, back under USD 1200
FXStreet (Mumbai) - Gold prices on Comex erased Fed’s patient stance induced gains from the previous session and remained elevated in choppy early Asian hours.
Currently, gold prices trades at USD 1198.40/Oz, higher 0.33% on the day, after having hit day’s high of 1200.10 levels. Gold prices remain flat after mixed US data Reports failed to move gold prices. The manufacturing activity index fell to 24.5 points in December, missing forecasts for a 26.5 print, following 40.8 points spike seen in November. In the week ending December 13, the number of claimants edged down to 289,000 from last week's revised 295,000, remaining below the 300,000 figure for three successive weeks.
Moreover, a stronger dollar, which hit its highest level since December 4 against a basket of major peers, stopping just short of levels last seen in March 2009, capped the upside in gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1203 (Nov 25 High), above which gains could be extended to 1209.30 (Dec 8 High) levels. Meanwhile, support stands at 1194.50 (Dec 18 Close), below which doors could open for 1191.30 (Dec 15 Low) levels.
Currently, gold prices trades at USD 1198.40/Oz, higher 0.33% on the day, after having hit day’s high of 1200.10 levels. Gold prices remain flat after mixed US data Reports failed to move gold prices. The manufacturing activity index fell to 24.5 points in December, missing forecasts for a 26.5 print, following 40.8 points spike seen in November. In the week ending December 13, the number of claimants edged down to 289,000 from last week's revised 295,000, remaining below the 300,000 figure for three successive weeks.
Moreover, a stronger dollar, which hit its highest level since December 4 against a basket of major peers, stopping just short of levels last seen in March 2009, capped the upside in gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1203 (Nov 25 High), above which gains could be extended to 1209.30 (Dec 8 High) levels. Meanwhile, support stands at 1194.50 (Dec 18 Close), below which doors could open for 1191.30 (Dec 15 Low) levels.