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14 Jan 2015
Gold recovers losses ahead of the European session
FXStreet (Mumbai) - Gold has recovered losses ahead of the European sessions, tracking a sharp fall in the US and European index future.
The yellow metal now trades 0.14% lower for the day at USD 132.50/Oz level; having recovered from the low of USD 1225.40/Oz hit earlier today. The metal may have gained on haven demand since the major equity indices in Europe and US have inched lower. The DJIA is down 119 points or 0.68%, while the S&P futures are down 14.55 points ot 0.72%. Meanwhile, in Europe, the German Dax futures have weakened 59.80 points or 0.61%,while French Cac and London’s Ftse have weakened 33 points each; down 0.785 and 0.54% respectively.
Elsewhere, the USD index is down 0.11% as well, thereby lending support to the yellow metal.
Gold Technical Levels
The immediate support is seen at 122886 (5-DMA), under which the metal could re-test 1225.40 levels. Meanwhile, resistance is seen at 1238.3 and 1244.56 (200-DMA).
The yellow metal now trades 0.14% lower for the day at USD 132.50/Oz level; having recovered from the low of USD 1225.40/Oz hit earlier today. The metal may have gained on haven demand since the major equity indices in Europe and US have inched lower. The DJIA is down 119 points or 0.68%, while the S&P futures are down 14.55 points ot 0.72%. Meanwhile, in Europe, the German Dax futures have weakened 59.80 points or 0.61%,while French Cac and London’s Ftse have weakened 33 points each; down 0.785 and 0.54% respectively.
Elsewhere, the USD index is down 0.11% as well, thereby lending support to the yellow metal.
Gold Technical Levels
The immediate support is seen at 122886 (5-DMA), under which the metal could re-test 1225.40 levels. Meanwhile, resistance is seen at 1238.3 and 1244.56 (200-DMA).