13 Feb 2015
Gold rises above USD 1230
FXStreet (Mumbai) - Gold prices on Comex rallied to fresh highs during the late Asian session as the greenback continues it slide from the US last session on weaker than expected US economic data.
Supported above 5-DMA
Currently, gold trades higher by 0.75% at 1229.80 levels, cose to fresh daily highs posted at 1230.40 levels few minutes. Gold prices inched higher benefited from a weak dollar, which made the asset more attractive to buyers holding other currencies. The dollar index, a measure of the greenback's strength relative to major peers, fell to a one-week low of 93.98, down -0.33% on the day.
Furthermore, investors' appetite for some riskier assets was kindled after leaders managed to broker a ceasefire agreement in Ukraine.
Gold Technical Levels
The metal has an immediate resistance at 1234.77 (50-DMA) and 1240.39 (10-DMA) levels. Meanwhile, support stands at 1220 levels below which doors could open for 1215.33 (100-DMA) levels.
Supported above 5-DMA
Currently, gold trades higher by 0.75% at 1229.80 levels, cose to fresh daily highs posted at 1230.40 levels few minutes. Gold prices inched higher benefited from a weak dollar, which made the asset more attractive to buyers holding other currencies. The dollar index, a measure of the greenback's strength relative to major peers, fell to a one-week low of 93.98, down -0.33% on the day.
Furthermore, investors' appetite for some riskier assets was kindled after leaders managed to broker a ceasefire agreement in Ukraine.
Gold Technical Levels
The metal has an immediate resistance at 1234.77 (50-DMA) and 1240.39 (10-DMA) levels. Meanwhile, support stands at 1220 levels below which doors could open for 1215.33 (100-DMA) levels.