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3 Dec 2014
Gold rises above 50-DMA, trades at day’s high
FXStreet (Mumbai) - Gold prices rose above the 50-DMA located at USD 1200 to trade at the day’s high at the onset of the European session despite a broad based strength in the US dollar.
The yellow metal traded 0.50% higher at USD 1205.40/Oz levels at the time of writing, compared to the previous session’s close of USD 1199.40/Oz. Meanwhile, the US dollar index is trading largely unchanged at 88.72 levels. Gold surged despite the European equity markets opening on a strong note. The German Dax is up 0.32%, while the London’s Ftse is trading higher by 0.09%.
The metal remained resilient earlier today, even though the Chinese non-manufacturing PMI rising to 53.9 in November, from the October’s print of 53.8.
Gold Technical Levels
Gold has an immediate resistance located at 1208.20 (Nov. 21 high), above which prices may rise to 1212.60 levels. Meanwhile, support is seen at 1200.00 (50-DMA) and 1191.80 levels.
The yellow metal traded 0.50% higher at USD 1205.40/Oz levels at the time of writing, compared to the previous session’s close of USD 1199.40/Oz. Meanwhile, the US dollar index is trading largely unchanged at 88.72 levels. Gold surged despite the European equity markets opening on a strong note. The German Dax is up 0.32%, while the London’s Ftse is trading higher by 0.09%.
The metal remained resilient earlier today, even though the Chinese non-manufacturing PMI rising to 53.9 in November, from the October’s print of 53.8.
Gold Technical Levels
Gold has an immediate resistance located at 1208.20 (Nov. 21 high), above which prices may rise to 1212.60 levels. Meanwhile, support is seen at 1200.00 (50-DMA) and 1191.80 levels.