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31 Dec 2014
Gold slips below USD 1200
FXStreet (Mumbai) - Gold prices shaved off gains from the Asian session and slipped below USD 1200 levels as traders took to closing positions after overnight gains, heading towards year-end holidays.
Currently, gold trades at USD 1197.70/Oz, down -0.22% on the day, having posted day’s low at USD 1196.60/Oz an hour ago. Gold prices are expected to remain bullish as Greece political and financial woes loom and also on the back of increased physical demand for the yellow metal ahead of the holiday season and upcoming Lunar New Year celebrations in China.
Gold Technical Levels
The metal has an immediate resistance at 1210.90 (Dec 30 High), above which gains could be extended to 1223.90 (Dec 16 High) levels. Meanwhile, support stands at 1193.20 (Dec 19 Low), below which doors could open for 1188 levels.
Currently, gold trades at USD 1197.70/Oz, down -0.22% on the day, having posted day’s low at USD 1196.60/Oz an hour ago. Gold prices are expected to remain bullish as Greece political and financial woes loom and also on the back of increased physical demand for the yellow metal ahead of the holiday season and upcoming Lunar New Year celebrations in China.
Gold Technical Levels
The metal has an immediate resistance at 1210.90 (Dec 30 High), above which gains could be extended to 1223.90 (Dec 16 High) levels. Meanwhile, support stands at 1193.20 (Dec 19 Low), below which doors could open for 1188 levels.