20 Jan 2015
Gold trades steady at 5-month highs ahead of the US session
FXStreet (Mumbai) - Gold prices consolidate at five-month high level as we move into the US sessions, with no major macro economic releases scheduled for release.
The yellow metal currently trades 1.07% higher for the day at USD 1290.50/Oz levels. The metal gained during the European session in anticipation of a big QE program by the ECB later this week. Meanwhile, uncertainty surrounding the Greek election on Sunday also helped Gold gain strength. Moreover, the metal has gained despite gains in the European equity markets. The US index futures also pointing to a strong opening of Wall street. At the time of writing, the DJIA futures traded 0.445 higher, while the S&P futures traded 0.52% higher.
Gold Technical Levels
The immediate resistance located at 1296.5, above which the meal could test 1300 levels. Meanwhile, support is seen at 1282 and 1278 levels.
The yellow metal currently trades 1.07% higher for the day at USD 1290.50/Oz levels. The metal gained during the European session in anticipation of a big QE program by the ECB later this week. Meanwhile, uncertainty surrounding the Greek election on Sunday also helped Gold gain strength. Moreover, the metal has gained despite gains in the European equity markets. The US index futures also pointing to a strong opening of Wall street. At the time of writing, the DJIA futures traded 0.445 higher, while the S&P futures traded 0.52% higher.
Gold Technical Levels
The immediate resistance located at 1296.5, above which the meal could test 1300 levels. Meanwhile, support is seen at 1282 and 1278 levels.