Gold extends slide, down more than 1.5%

FXStreet (Mumbai) - Gold prices continue to slide as the metal failed to perform as a safe haven asset amid Greece led uncertainty, while breaching key technical support levels.

Gold falls below 100-DMA

The yellow metal struggled since last few sessions at the 50-DMA level located at USD 1236, thereby triggering a technical sell-off that took the prices well below the 100-DMA located at USD 1213.99 levels. The metal currently trades at USD 1207.5/OZ levels, down 1.61% for the day.

The metal continues to slide despite lackluster action in the US equity markets. The DJIA is down 0.16%, while the S&P is down 0.07% at the time of writing. Still, the yellow metal finds no respite as it inches closer to the USD 1200 mark. The metal may be taking cues from the 10-year Treasury yields, which have extended gains to trade 4.2 basis points higher at 2.063%. The Technical sell-off may become intense if the metal breaches the psychological support at USD 1200.

Gold Technical Levels

The immediate support is seen at the psychological level of 1200, under which prices could fall to 1189.6 levels. On the flip side, a rise above 1213.99 (100-DMA) could push the metal higher to 1220.0 levels.

Positive effects of weak yen seen bigger than negatives for now – BTMU

Lee Hardman, Currency Analyst at Bank of Tokyo-Mitsubishi UFJ, shares the comments that Japanese policy makers prefer a gradual rather than a sharp weakening of the Yen.
अधिक पढ़ें Previous

Current fundamental trends in Gold bullish for prices – Sunshine Profits

Arkadiusz Sieroń of Sunshine Profits, comments on the ‘Gold demand trends for 2014’ published by the World Gold Council, and views that the fundamental development of demand and supply trends stands bullish for gold prices.
अधिक पढ़ें Next