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14 May 2015
Gold stays resilient despite upbeat US data
FXStreet (Mumbai) - Gold prices continue to trade near USD 1220/Oz, despite an unexpected drop in the initial jobless claims in the US.
Gold: Resilient amid sell-off in bonds and equities
The yellow metal is turning out to be a major beneficiary of the sell-off witnessed in the major bond and equity markets across the globe. The slide in the German and US bond markets have triggered a wave of selling in the equities too, resulting in more money being poured into safe haven asset like Gold.
The yellow metal could extend gains further if the US equities extend the sell-off in line with its European peers.
Gold Technical Levels
The immediate resistance is located at 1224.4, above which gains could be extended to 1236.8 (Feb. 16 high). On the flip side, a break below 1215 could push the pair down to its 100-DMA located at 1210.43.
Gold: Resilient amid sell-off in bonds and equities
The yellow metal is turning out to be a major beneficiary of the sell-off witnessed in the major bond and equity markets across the globe. The slide in the German and US bond markets have triggered a wave of selling in the equities too, resulting in more money being poured into safe haven asset like Gold.
The yellow metal could extend gains further if the US equities extend the sell-off in line with its European peers.
Gold Technical Levels
The immediate resistance is located at 1224.4, above which gains could be extended to 1236.8 (Feb. 16 high). On the flip side, a break below 1215 could push the pair down to its 100-DMA located at 1210.43.