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10 Dec 2014
Gold trades flat ahead of a non-event US session
FXStreet (Mumbai) - Gold prices on Comex traded flat during the mid-European session, seeking direction ahead of no major US economic data later in the day.
Currently, gold prices trade steady at USD 1229.90/Oz, mostly unchanged from the levels seen in the Asian session. Gold prices trades below six-week high levels, as a recovery was seen in Asian and European equities. Gold prices may remain pressured ahead of next week’s Fed Meeting which may provide any hint on expectations On US interest rate hike.
Gold Technical Levels
The metal has an immediate resistance at 1235.50 (Oct 28 High), above which gains could be extended to 1239 (Dec 9 High) and 1245 (Oct 23 High) levels. Meanwhile, support stands at 1228.70 (Oct 24 Low), below which doors could open for 1222.49 (20-day SMA)) and here to 1217 (Oct 10 Low) levels.
Currently, gold prices trade steady at USD 1229.90/Oz, mostly unchanged from the levels seen in the Asian session. Gold prices trades below six-week high levels, as a recovery was seen in Asian and European equities. Gold prices may remain pressured ahead of next week’s Fed Meeting which may provide any hint on expectations On US interest rate hike.
Gold Technical Levels
The metal has an immediate resistance at 1235.50 (Oct 28 High), above which gains could be extended to 1239 (Dec 9 High) and 1245 (Oct 23 High) levels. Meanwhile, support stands at 1228.70 (Oct 24 Low), below which doors could open for 1222.49 (20-day SMA)) and here to 1217 (Oct 10 Low) levels.