2 Feb 2015
Gold defends mild gains, hovers around USD 1280
FXStreet (Mumbai) - Gold prices on Comex steadied in early European morning, having posted its biggest monthly gain in three years on Friday after weaker-than expected US GDP data spooked the markets.
Currently, gold trades higher by 0.10% at 1279.80 levels, retreating from 1285.40 levels hit on Friday last week. Gold regained strength after dismal US growth figures as well as weak Chinese manufacturing readings fuelled concerns over the health of the global economy, boosting gold’s safe-haven appeal. Moreover, adding to the signs of investor confidence in the yellow metal, holdings at SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, stood at 24.4 million ounces as of Thursday, the highest since mid-October.
In the week ahead, gold is expected to remain underpinned ahead of the crucial US employment claims and non-farm payrolls data.
Gold Technical Levels
The metal has an immediate resistance at 1285 and 1294 levels. Meanwhile, support stands at 1272 levels below which doors could open for 1267 levels.
Currently, gold trades higher by 0.10% at 1279.80 levels, retreating from 1285.40 levels hit on Friday last week. Gold regained strength after dismal US growth figures as well as weak Chinese manufacturing readings fuelled concerns over the health of the global economy, boosting gold’s safe-haven appeal. Moreover, adding to the signs of investor confidence in the yellow metal, holdings at SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, stood at 24.4 million ounces as of Thursday, the highest since mid-October.
In the week ahead, gold is expected to remain underpinned ahead of the crucial US employment claims and non-farm payrolls data.
Gold Technical Levels
The metal has an immediate resistance at 1285 and 1294 levels. Meanwhile, support stands at 1272 levels below which doors could open for 1267 levels.