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14 Jan 2015
Gold retraces from 3-Month Highs
FXStreet (Mumbai) - Gold prices pared gains and edged lower in the Asian session, as the free fall in copper along with falling oil and silver prices also dragged the yellow metal lower.
Currently, gold traded at USD 1227.60/Oz, down -0.55%, retreating from fresh three-month highs of 1244.50 levels hit in the previous session. Gold prices surrendered gains as investors resorted to profit-taking after the recent rally. Also, gold prices faced a stiff barrier at 1244 and started retracing in a so-called technical selling. Moreover, falling equities and worries over global growth failed to lift the safe-haven demand in gold, as sharp sell-off in copper and oil diminished the appetite for riskier assets.
Gold Technical Levels
The metal has an immediate resistance at 1236 (Jan 12 High) levels, above which gains could be extended to 1244.50 (Jan 13 High) levels. Meanwhile, support stands at 1221.70 (Dec 14 Low) levels below which doors could open for 1216.29 (10-DMA) levels.
Currently, gold traded at USD 1227.60/Oz, down -0.55%, retreating from fresh three-month highs of 1244.50 levels hit in the previous session. Gold prices surrendered gains as investors resorted to profit-taking after the recent rally. Also, gold prices faced a stiff barrier at 1244 and started retracing in a so-called technical selling. Moreover, falling equities and worries over global growth failed to lift the safe-haven demand in gold, as sharp sell-off in copper and oil diminished the appetite for riskier assets.
Gold Technical Levels
The metal has an immediate resistance at 1236 (Jan 12 High) levels, above which gains could be extended to 1244.50 (Jan 13 High) levels. Meanwhile, support stands at 1221.70 (Dec 14 Low) levels below which doors could open for 1216.29 (10-DMA) levels.