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9 Feb 2015
Gold sees a minor recovery on weak Chinese trade data
FXStreet (Mumbai) - Gold prices recovered marginally to USD 1240/Oz levels after the Chinese trade data showed further economic weakness in China.
Gains capped by strong USD
The yellow metal recovered from the Friday’s closing of USD 1234.2/Oz after the data in China showed showed China's exports falling 3.3% from year-ago levels while imports tumbled 19.9%, far worse than analysts had expected. However, further gains are being capped by a strong US dollar.
The Greenback remains strong after the US data on Friday showed stronger-than-expected growth in the labor market in January.
Gold Technical Levels
The metal currently trades at USD 1239.10/Oz levels; up 0.36%. The immediate support is seen at 1238.90 (Dec. 10 high), under which Gold may re-test 1228.20 levels. On the flip side, resistance is seen at 1245.63 (200-DMA) and 1251.9 (Jan. 29 low) levels.
Gains capped by strong USD
The yellow metal recovered from the Friday’s closing of USD 1234.2/Oz after the data in China showed showed China's exports falling 3.3% from year-ago levels while imports tumbled 19.9%, far worse than analysts had expected. However, further gains are being capped by a strong US dollar.
The Greenback remains strong after the US data on Friday showed stronger-than-expected growth in the labor market in January.
Gold Technical Levels
The metal currently trades at USD 1239.10/Oz levels; up 0.36%. The immediate support is seen at 1238.90 (Dec. 10 high), under which Gold may re-test 1228.20 levels. On the flip side, resistance is seen at 1245.63 (200-DMA) and 1251.9 (Jan. 29 low) levels.