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24 Feb 2015
Gold back below USD 1200/Oz
FXStreet (Mumbai) - Gold prices fell below USD 1200/Oz levels as Greece nears deal on debt saga. The Greek government is scheduled to send the list of reforms to the Eurogroup, acceptance of which shall seal the four month extension deal.
Renewed strength in the US dollar ahead of the Fed chair Janet Yellen is also keeping Gold under pressure. The metal had recovered yesterday from USD 1192 to USD 1210.3 after the weak US housing data hit the wires. However, the gains could not last long enough as the USD index recovered losses, while the every increasing prospect of Greek debt deal curbed the safe haven demand.
The yellow metal is likely to remain under pressure ahead of Yellen’s testimony. Meanwhile, the Eurozone CPI numbers due for release later today are unlikely to have a major impact on Gold pries.
Gold Technical Levels
The immediate support is seen at 1197.6, under which losses could be extended to 1190.9 levels. On the flip side, resistance is seen at 1202.21 (hourly 50-MA) and 1206.19 (hourly 100-MA).
Renewed strength in the US dollar ahead of the Fed chair Janet Yellen is also keeping Gold under pressure. The metal had recovered yesterday from USD 1192 to USD 1210.3 after the weak US housing data hit the wires. However, the gains could not last long enough as the USD index recovered losses, while the every increasing prospect of Greek debt deal curbed the safe haven demand.
The yellow metal is likely to remain under pressure ahead of Yellen’s testimony. Meanwhile, the Eurozone CPI numbers due for release later today are unlikely to have a major impact on Gold pries.
Gold Technical Levels
The immediate support is seen at 1197.6, under which losses could be extended to 1190.9 levels. On the flip side, resistance is seen at 1202.21 (hourly 50-MA) and 1206.19 (hourly 100-MA).