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10 Feb 2015
Gold underpinned amid Greek uncertainty
FXStreet (Mumbai) - Gold prices on Comex remained elevated in the late Asian session, extending gains for the second straight session on increased safe haven bids for gold amid falling global equities on Greece concerns.
Faces resistance at 5-DMA
Currently, gold trades higher by 0.14% at 1243.30 levels, having posted fresh daily highs at 1245.20 earlier in the session. Gold prices edged higher as Asian equities were hurt by soft Chinese CPI data and worries over Greece stand-off. Moreover, deepening crisis in Ukraine after the country violated Minsk agreement also revived investors' appetite for the precious metal as a safe-haven asset.
However, gains in the yellow metal seems limited as upbeat US employment data has caused investors to now focus on the Fed and the timing of the US interest rates hike.
Gold Technical Levels
The metal has an immediate resistance at 1246 and 1252 levels. Meanwhile, support stands at 1234 levels below which doors could open for 1228 levels.
Faces resistance at 5-DMA
Currently, gold trades higher by 0.14% at 1243.30 levels, having posted fresh daily highs at 1245.20 earlier in the session. Gold prices edged higher as Asian equities were hurt by soft Chinese CPI data and worries over Greece stand-off. Moreover, deepening crisis in Ukraine after the country violated Minsk agreement also revived investors' appetite for the precious metal as a safe-haven asset.
However, gains in the yellow metal seems limited as upbeat US employment data has caused investors to now focus on the Fed and the timing of the US interest rates hike.
Gold Technical Levels
The metal has an immediate resistance at 1246 and 1252 levels. Meanwhile, support stands at 1234 levels below which doors could open for 1228 levels.