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5 Feb 2015
Gold struggles for direction
FXStreet (Mumbai) - Gold prices are stuck largely in the range of USD 1259-1273/OZ levels as investors avoid making big bets ahead of the US Non-farm payrolls data due tomorrow.
Prices hover around 50-week average
Gold prices are trading at the 50-week average located at USD 1266.23/Oz levels. Prices have been dipping and rising above the same throughout this week. The safe haven demand for the metal have been capped on hopes Greece would reach a deal with its international creditors. Meanwhile, weakness in the equities and aggressive monetary easing by central bankers across the globe continues to support Gold prices.
Gold Technical Levels
The metal currently trades 0.21% higher at USD 1267/Oz.The immediate resistance is located at 1271 (5-DMA) and 1275.77 (10-DMA) levels. Meanwhile, support is seen at 1266.23 (50-WMA) and 1255.2 levels.
Prices hover around 50-week average
Gold prices are trading at the 50-week average located at USD 1266.23/Oz levels. Prices have been dipping and rising above the same throughout this week. The safe haven demand for the metal have been capped on hopes Greece would reach a deal with its international creditors. Meanwhile, weakness in the equities and aggressive monetary easing by central bankers across the globe continues to support Gold prices.
Gold Technical Levels
The metal currently trades 0.21% higher at USD 1267/Oz.The immediate resistance is located at 1271 (5-DMA) and 1275.77 (10-DMA) levels. Meanwhile, support is seen at 1266.23 (50-WMA) and 1255.2 levels.