22 Jan 2015
Gold trades below USD 1300, ECB in focus
FXStreet (Mumbai) - Gold prices on Comex jumped inched lower today and trades below 1300 threshold as traders remained wary ahead of a key European Central Bank meeting later today.
Currently, gold trades lower by -0.19% at 1291.30 levels, retreating from fresh five month highs at 1307 levels reached in the previous session. Gold slipped from USD 1300 levels in the previous session after rumours hit the wires, citing that the ECB would be buying only €600 billion yearly. If the same is confirmed at today’s , than this amount would fall in the lower range of expectations ranging from EUR 500 billion to EUR 1 trillion.
Gold Technical Levels
The metal has an immediate resistance at 1300 and 1320 levels. Meanwhile, support stands at 1280 levels below which doors could open for 1272 levels.
Currently, gold trades lower by -0.19% at 1291.30 levels, retreating from fresh five month highs at 1307 levels reached in the previous session. Gold slipped from USD 1300 levels in the previous session after rumours hit the wires, citing that the ECB would be buying only €600 billion yearly. If the same is confirmed at today’s , than this amount would fall in the lower range of expectations ranging from EUR 500 billion to EUR 1 trillion.
Gold Technical Levels
The metal has an immediate resistance at 1300 and 1320 levels. Meanwhile, support stands at 1280 levels below which doors could open for 1272 levels.