6 Jan 2015
Gold hits fresh daily highs, trades above USD 1200
FXStreet (Mumbai) - Gold prices advanced in Asian morning, extending gains from the previous session as Greece turmoil and the fragile state of European economy sparked risk-off moods, boosting gold’s demand as a safe haven asset.
Currently, gold hit fresh day’s high at USD 1205.80/Oz, after having posted intraday low at 1201.70 in the early Asian morning. Gold prices continued to edge higher as investors turned to safer assets amid a sell-off witnessed in global equities, crude oil and copper in the previous session. Gold prices remain underpinned on escalating worries ahead of Greece elections later this month and on renewed physical buying from top consumer China ahead of the Lunar New Year.
Gold Technical Levels
The metal has an immediate resistance at 1210.90 (Dec 30 High) levels, above which gains could be extended to 1213.90 (Dec 18 High) levels. Meanwhile, support stands at 1200 below which doors could open for 1193.18 (5-DMA) levels.
Currently, gold hit fresh day’s high at USD 1205.80/Oz, after having posted intraday low at 1201.70 in the early Asian morning. Gold prices continued to edge higher as investors turned to safer assets amid a sell-off witnessed in global equities, crude oil and copper in the previous session. Gold prices remain underpinned on escalating worries ahead of Greece elections later this month and on renewed physical buying from top consumer China ahead of the Lunar New Year.
Gold Technical Levels
The metal has an immediate resistance at 1210.90 (Dec 30 High) levels, above which gains could be extended to 1213.90 (Dec 18 High) levels. Meanwhile, support stands at 1200 below which doors could open for 1193.18 (5-DMA) levels.