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27 Feb 2015
Gold holds near lows circa 1208 in Asian trading
FXStreet (Mumbai) - Gold prices on Comex edged lower in the late-Asian session, snapping mild overnight gains as increased bets on sooner than expected US rate-hike bolstered by strong US data continues to weigh on the precious metal.
Gold falls from 1211.50 levels
Currently, gold trades lower by -0.10% at 1208.90 levels, having posted fresh session lows at 1208.40 levels few minutes ago. Gold prices recovered most of its losses from the North American session as the yellow metal received some support from a pick-up in Chinese buying reflected by premiums on Shanghai Gold Exchange which remains close to yearly highs. Moreover, a retreat in US dollar across the board also underpinned gold prices.
However, gold prices may remains pressured ahead of key US economic releases including GDP, Home sales and Consumer sentiments data for further moves on the yellow metal.
Gold Technical Levels
The metal has an immediate resistance at 1214.57 (100-DMA) and 1218.93 (20-DMA) levels. Meanwhile, support stands at 1204.14 (5-DMA) levels below which doors could open for 1200 levels.
Gold falls from 1211.50 levels
Currently, gold trades lower by -0.10% at 1208.90 levels, having posted fresh session lows at 1208.40 levels few minutes ago. Gold prices recovered most of its losses from the North American session as the yellow metal received some support from a pick-up in Chinese buying reflected by premiums on Shanghai Gold Exchange which remains close to yearly highs. Moreover, a retreat in US dollar across the board also underpinned gold prices.
However, gold prices may remains pressured ahead of key US economic releases including GDP, Home sales and Consumer sentiments data for further moves on the yellow metal.
Gold Technical Levels
The metal has an immediate resistance at 1214.57 (100-DMA) and 1218.93 (20-DMA) levels. Meanwhile, support stands at 1204.14 (5-DMA) levels below which doors could open for 1200 levels.