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6 Jan 2015
Gold eases-off from three-week highs as US stocks stabilize
FXStreet (Mumbai) - Gold prices declined from three-week highs during the US session on signs of stabilization in the US and European stock markets.
Gold fell from the three-week high of USD 1214.40/Oz to trade at USD 1207.80/Oz at the time of writing; up 0.32% for the day. The metal erased part of its gains as the DJIA gained 0.10% to trade at 17,510.50 levels. Moreover, the resilient US stocks pulled up the ailing European stock markets as well. The London’s Ftse erased losses to trade 0.27% higher, while the German Dax extended gains to trade 1.22% higher. Meanwhile, the US 10-yr Treasury yields recovered from the low of 1.959% to trade at 1.99%.
The yellow metal shrugged off a weaker-than-expected US ISM non-manufacturing data as well as the weak factory orders data. Moreover, the focus now shifts to the release of the December Federal Reserve minutes tomorrow.
Gold Technical Levels
Gold has an immediate support located at 1202.52 (50-DMA), under which prices can fall to 1194.00 (5-DMA) levels. Meanwhile, resistance is seen at 1214.4 and 1220.00 levels.
Gold fell from the three-week high of USD 1214.40/Oz to trade at USD 1207.80/Oz at the time of writing; up 0.32% for the day. The metal erased part of its gains as the DJIA gained 0.10% to trade at 17,510.50 levels. Moreover, the resilient US stocks pulled up the ailing European stock markets as well. The London’s Ftse erased losses to trade 0.27% higher, while the German Dax extended gains to trade 1.22% higher. Meanwhile, the US 10-yr Treasury yields recovered from the low of 1.959% to trade at 1.99%.
The yellow metal shrugged off a weaker-than-expected US ISM non-manufacturing data as well as the weak factory orders data. Moreover, the focus now shifts to the release of the December Federal Reserve minutes tomorrow.
Gold Technical Levels
Gold has an immediate support located at 1202.52 (50-DMA), under which prices can fall to 1194.00 (5-DMA) levels. Meanwhile, resistance is seen at 1214.4 and 1220.00 levels.