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5 Jan 2015
Gold rebounds, hits fresh daily highs
FXStreet (Mumbai) - Gold prices advanced in Asian morning, bouncing-off from one-month lows seen in the previous session on broad based US dollar strength.
Currently, gold trades at USD 1193.40/Oz, up 0.61% on the day, close to day’s high at USD 1194.10/Oz hit some minutes ago. Gold prices rebounded today on a short covering rally after having crashed to one month lows of 1167.30 levels on Friday. Gold prices dived on Friday on the back of a strengthening US dollar as the Euro tumbled to eight year lows. Further, prices dropped on portfolio rebalancing bids on the first trading day of 2015.
However, gold prices remains supported on weak US economic data which increased demand for gold as a safe haven asset.
Gold Technical Levels
The metal has an immediate resistance at 1197.50 (Dec 29 High) levels, above which gains could be extended to 1203.90 (Dec 31 High) levels. Meanwhile, support stands at 1182.90 (Today’s Low), below which doors could open for 1179.50 (Dec 31 Low) levels.
Currently, gold trades at USD 1193.40/Oz, up 0.61% on the day, close to day’s high at USD 1194.10/Oz hit some minutes ago. Gold prices rebounded today on a short covering rally after having crashed to one month lows of 1167.30 levels on Friday. Gold prices dived on Friday on the back of a strengthening US dollar as the Euro tumbled to eight year lows. Further, prices dropped on portfolio rebalancing bids on the first trading day of 2015.
However, gold prices remains supported on weak US economic data which increased demand for gold as a safe haven asset.
Gold Technical Levels
The metal has an immediate resistance at 1197.50 (Dec 29 High) levels, above which gains could be extended to 1203.90 (Dec 31 High) levels. Meanwhile, support stands at 1182.90 (Today’s Low), below which doors could open for 1179.50 (Dec 31 Low) levels.