19 Feb 2015
Gold extends gains
FXStreet (Mumbai) - Gold prices extended gains to hit a high of USD 1221.6/Oz levels, tracking the weakness in the European equity markets and the decline in the USD index.
Gold trades at 5-DMA
The yellow metal is steady at the 5-DMA located at USD 1220.58/Oz; up 1.65% for the day. The metal also trades just above the 50.00% Fib retracement level (of 1307.7-1131.9) located at USD 1219.6. The metal gained as the USD index hit a low of 93.90. Meanwhile, the moderate weakness seen in the major European equity markets is also supporting the yellow metal.
Gold Technical Levels
The immediate resistance is seen at 1227, above which gains could be extended to 1240.4 levels. On the flip side, a break below 1210.7 could push the pair down to 1200.00 levels.
Gold trades at 5-DMA
The yellow metal is steady at the 5-DMA located at USD 1220.58/Oz; up 1.65% for the day. The metal also trades just above the 50.00% Fib retracement level (of 1307.7-1131.9) located at USD 1219.6. The metal gained as the USD index hit a low of 93.90. Meanwhile, the moderate weakness seen in the major European equity markets is also supporting the yellow metal.
Gold Technical Levels
The immediate resistance is seen at 1227, above which gains could be extended to 1240.4 levels. On the flip side, a break below 1210.7 could push the pair down to 1200.00 levels.