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26 Feb 2015
Gold sustains above USD 1200/Oz
FXStreet (Mumbai) - Gold prices on Comex edged higher in the Asian session, heading towards fresh four day highs, lifted by Fed Chair Yellen comments which increased bets on a delayed US interest rate-hike.
Gold steadies near highs
Currently, gold trades higher by 0.62% at 1208.90 levels, having posted fresh session highs at 1209.50 levels some time ago. Gold prices remained supported amid weaker US dollar pressure following Yellen’s reiteration of the same patient story in her second testimony.
Moreover, gains in gold were accelerated on firm Chinese physical demand indicated by higher premiums on the Shanghai Gold Exchange as traders returned to markets after a week-long New Year holiday. Meanwhile, holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, stood unchanged at 771.25 tonnes on Tuesday.
Gold Technical Levels
The metal has an immediate resistance at 1214.17 (100-DMA) and 1221.67 (20-DMA) levels. Meanwhile, support stands at 1202.12 (5-DMA) levels below which doors could open for 1190 levels.
Gold steadies near highs
Currently, gold trades higher by 0.62% at 1208.90 levels, having posted fresh session highs at 1209.50 levels some time ago. Gold prices remained supported amid weaker US dollar pressure following Yellen’s reiteration of the same patient story in her second testimony.
Moreover, gains in gold were accelerated on firm Chinese physical demand indicated by higher premiums on the Shanghai Gold Exchange as traders returned to markets after a week-long New Year holiday. Meanwhile, holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, stood unchanged at 771.25 tonnes on Tuesday.
Gold Technical Levels
The metal has an immediate resistance at 1214.17 (100-DMA) and 1221.67 (20-DMA) levels. Meanwhile, support stands at 1202.12 (5-DMA) levels below which doors could open for 1190 levels.