19 Feb 2015
Gold gains 1%
FXStreet (Mumbai) - Gold prices advanced today after the dovish language in the Fed minutes released yesterday altered the investor expectations regarding the timing of the interest rate hike in the US.
Gains in Gold capped at USD 1217
The yellow metal has been struggling to rise above USD 1217/OZ levels for the last few hours. Prices recovered from the low of USD 1197.6 yesterday after the Fed minutes revealed policymakers are in no hurry to raise the interest rates. Gold prices, thus gained on expectations that the Fed could delay the interest rate hike.
Moreover, the gains are also being capped as the uncertainty surrounding Greece faded away. The European Central Bank (ECB) reportedly agreed to raise the emergency funding available to Greek banks to EUR 68.3 billion. Meanwhile, the Greece’s government is expected to submit a loan extension request for its current €240 billion bailout program to the Eurozone’s finance ministers to avoid the program’s expiry at month’s end.
Gold Technical Levels
The immediate resistance is seen at 1219.7, above which gains could be extended to 1227 levels. On the flip side, a break below 1210.7 could push the pair down to 1200.00 levels.
Gains in Gold capped at USD 1217
The yellow metal has been struggling to rise above USD 1217/OZ levels for the last few hours. Prices recovered from the low of USD 1197.6 yesterday after the Fed minutes revealed policymakers are in no hurry to raise the interest rates. Gold prices, thus gained on expectations that the Fed could delay the interest rate hike.
Moreover, the gains are also being capped as the uncertainty surrounding Greece faded away. The European Central Bank (ECB) reportedly agreed to raise the emergency funding available to Greek banks to EUR 68.3 billion. Meanwhile, the Greece’s government is expected to submit a loan extension request for its current €240 billion bailout program to the Eurozone’s finance ministers to avoid the program’s expiry at month’s end.
Gold Technical Levels
The immediate resistance is seen at 1219.7, above which gains could be extended to 1227 levels. On the flip side, a break below 1210.7 could push the pair down to 1200.00 levels.