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23 Feb 2015
Gold back above USD 1200
FXStreet (Barcelona) - The disappointing data in the US, coupled with early weakness seen in the US stock markets helped Gold prices to recover losses and trade above the USD 1200 mark.
Gold turns positive
The metal, which was down 1% at USD 1192/OZ ahead of the US session, has turned positive to trade at USD 1205.90/Oz levels. The metal recovered as the USD index cooled off from the high of 95.01 to trade at 94.67. Meanwhile, the stock markets in the US declined as investors turn cautious ahead of the Fed chair Janet Yellen’s testimony to Congress tomorrow. The DJIA index is down 0.36% to trade at 18,075 levels.
Gold Technical Levels
The immediate resistance is seen at 1213.09 (100-DMA), above which the metal could extend gains 1219.8 levels. On the flip side, support is seen at 1200 and at the daily low of 1190.70.
Gold turns positive
The metal, which was down 1% at USD 1192/OZ ahead of the US session, has turned positive to trade at USD 1205.90/Oz levels. The metal recovered as the USD index cooled off from the high of 95.01 to trade at 94.67. Meanwhile, the stock markets in the US declined as investors turn cautious ahead of the Fed chair Janet Yellen’s testimony to Congress tomorrow. The DJIA index is down 0.36% to trade at 18,075 levels.
Gold Technical Levels
The immediate resistance is seen at 1213.09 (100-DMA), above which the metal could extend gains 1219.8 levels. On the flip side, support is seen at 1200 and at the daily low of 1190.70.