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12 Dec 2014
Gold trades marginally lower ahead of the US session
FXStreet (Mumbai) - Gold prices recovered intraday losses on weak European equities and weak US index futures.
Gold now trades 0.06% lower at USD 1224.90/Oz levels, after having recovered from the low of USD /Oz hit earlier today. Prices recovered during the European session after the bearish Oil demand forecast from the International Energy Agency pushed the European stock markets lower. The German DAX is down 1.32%, while the Ftse is down 1.39%. Meanwhile, weakness in the European equities has pushed the US index futures into the negative territory. The S&P futures have weakened % at the time of writing.
Furthermore, the falling US treasury yields are supporting Gold prices as well. The 10-yr Treasury yield in the US retreated 5.6 basis points to trade at 2.122%. Consequently, the US dollar index too, has declined 0.30% to trade at 88.32 levels.
Gold Technical Levels
Gold has an immediate support located at 1221.18 (5-DMA), under which prices could test 1210.18 (10-DMA). Meanwhile, resistance is seen at 1233 and 1237 levels.
Gold now trades 0.06% lower at USD 1224.90/Oz levels, after having recovered from the low of USD /Oz hit earlier today. Prices recovered during the European session after the bearish Oil demand forecast from the International Energy Agency pushed the European stock markets lower. The German DAX is down 1.32%, while the Ftse is down 1.39%. Meanwhile, weakness in the European equities has pushed the US index futures into the negative territory. The S&P futures have weakened % at the time of writing.
Furthermore, the falling US treasury yields are supporting Gold prices as well. The 10-yr Treasury yield in the US retreated 5.6 basis points to trade at 2.122%. Consequently, the US dollar index too, has declined 0.30% to trade at 88.32 levels.
Gold Technical Levels
Gold has an immediate support located at 1221.18 (5-DMA), under which prices could test 1210.18 (10-DMA). Meanwhile, resistance is seen at 1233 and 1237 levels.