23 Dec 2014
Gold recovers to trade above USD 1180/Oz
FXStreet (Mumbai) - Gold prices have recovered part of the losses suffered in the previous session amid lack of concrete cues from other markets.
The yellow metal trades 0.19% higher at USD 1182/Oz levels, compared to the previous session’s close of USD 1179.80/Oz levels. The metal saw a sharp decline yesterday after repeatedly failing to sustain above the USD 1200/Oz mark. A minor recovery witnessed today may have been due to a 2 basis point fall in the US 10-yr treasury yields witnessed at the time of writing. The yellow metal may see some action post the release of the US GDP data today.
Gold Technical Levels
Gold has an immediate support located at 1177, under which losses could be extended to 1174.70 levels. On the flip side, a rise above 1182.00, shall open doors for a re-test of 1186.40 levels.
The yellow metal trades 0.19% higher at USD 1182/Oz levels, compared to the previous session’s close of USD 1179.80/Oz levels. The metal saw a sharp decline yesterday after repeatedly failing to sustain above the USD 1200/Oz mark. A minor recovery witnessed today may have been due to a 2 basis point fall in the US 10-yr treasury yields witnessed at the time of writing. The yellow metal may see some action post the release of the US GDP data today.
Gold Technical Levels
Gold has an immediate support located at 1177, under which losses could be extended to 1174.70 levels. On the flip side, a rise above 1182.00, shall open doors for a re-test of 1186.40 levels.