26 Jan 2015
Gold waiting for direction
Gold prices are stuck around USD 1285 levels ahead of the US opening bell amid lackluster moves in the index futures in the US.
The yellow metal is down 0.62% at USD 1285.60/Oz levels.. Prices hit a low of USD 1276.90/Oz during the European session as the strong dollar hurt the metal. The USD index had clocked a high of 95.86 due to which the yellow metal came under pressure. However, the USD index has cooled down to 95.23 levels, thereby providing a breather to the yellow metal.
However, the metal lacks any direction since the major US index futures are trading dead flat. The S&P futures are down 0.03%, while the NASDAQ futures are up 0.07%. Meanwhile, no major activity is seen in the 10-year treasury yield, which is largely unchanged for the day at 1.816%.
Gold Technical Levels
The immediate resistance is seen on the hourly chart at 1288.70, above which the metal could re-test 1300 levels. Meanwhile, support is seen at 1284.50 and 1272.10 levels.
The yellow metal is down 0.62% at USD 1285.60/Oz levels.. Prices hit a low of USD 1276.90/Oz during the European session as the strong dollar hurt the metal. The USD index had clocked a high of 95.86 due to which the yellow metal came under pressure. However, the USD index has cooled down to 95.23 levels, thereby providing a breather to the yellow metal.
However, the metal lacks any direction since the major US index futures are trading dead flat. The S&P futures are down 0.03%, while the NASDAQ futures are up 0.07%. Meanwhile, no major activity is seen in the 10-year treasury yield, which is largely unchanged for the day at 1.816%.
Gold Technical Levels
The immediate resistance is seen on the hourly chart at 1288.70, above which the metal could re-test 1300 levels. Meanwhile, support is seen at 1284.50 and 1272.10 levels.