12 Jan 2015
Gold declines from 5-week highs
FXStreet (Mumbai) - Gold prices weakened from five-week highs ahead of the US session tracking recovery in the USD index and gains in the European equity markets.
The yellow metal had clocked a 5-week high of USD 1231.30/Oz levels earlier today as most Asian markets traded weak, hurt by the negative move on the Wall street and fresh slide in Oil prices. Meanwhile, the USD index also weakened during the Asian session today to hit a low of 91.88 levels. However, the yellow metal could not extend gains after European stocks got off to a positive start, while the USD index recovered from the lows to trade 0.23% higher at 92.39 levels.
Gold Technical Levels
The immediate support is seen at 1218.36 (5-DMA), under which prices could test 1210.00 levels. Meanwhile, resistance is seen at 1231.40 and 1238.3 levels.
The yellow metal had clocked a 5-week high of USD 1231.30/Oz levels earlier today as most Asian markets traded weak, hurt by the negative move on the Wall street and fresh slide in Oil prices. Meanwhile, the USD index also weakened during the Asian session today to hit a low of 91.88 levels. However, the yellow metal could not extend gains after European stocks got off to a positive start, while the USD index recovered from the lows to trade 0.23% higher at 92.39 levels.
Gold Technical Levels
The immediate support is seen at 1218.36 (5-DMA), under which prices could test 1210.00 levels. Meanwhile, resistance is seen at 1231.40 and 1238.3 levels.