19 Feb 2015
Gold stuck at 5-DMA ahead of the US data
FXStreet (Mumbai) - Gold prices appear stuck at the 5-DMA located at USD 1220.84/Oz levels ahead of the data in the US, which could show number of applicants applying for first time jobless benefits dropped in the last week.
Gold trades above 50% Fib level
The metal hovers just above the 50% Fib retracement level of the uptrend from 1131.9 to 1307.3 located at USD 1219.8. The metal remains supported by renewed concerns regarding Greece’s debt deal after the German government ejected Greece’s debt extension proposals. The gains could be extended if the last week’s Initial jobless claims in the US print higher than the consensus estimate of 290K.
Gold Technical Levels
At the moment, the metal is up 1.62%. 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 above 50% Fib level
The metal hovers just above the 50% Fib retracement level of the uptrend from 1131.9 to 1307.3 located at USD 1219.8. The metal remains supported by renewed concerns regarding Greece’s debt deal after the German government ejected Greece’s debt extension proposals. The gains could be extended if the last week’s Initial jobless claims in the US print higher than the consensus estimate of 290K.
Gold Technical Levels
At the moment, the metal is up 1.62%. 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.