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11 Dec 2014
Gold prices fall, focus on US data
FXStreet (Mumbai) - Gold prices on Comex fell during early European session, after rebound in equities dulled the appeal of gold as an alternative investment.
Currently, gold prices trade steady at USD 1223.20/Oz, down -0.50% on the day, erasing gains from Asian trading. Gold prices fell as the US dollar strengthened on expectations of better than forecasts US retails sales data due later in the day.
Moreover, benign price pressures print in Germany and France also failed to support gold prices. Gold is widely considered an inflationary hedge.
Gold Technical Levels
The metal has an immediate resistance at 1228.25 (20-day SMA), above which gains could be extended to 1235.50 (Oct 28 High) levels. Meanwhile, support stands at 1217.60 (Oct 10 Low), below which doors could open for 1212.03 (100-day SMA) levels.
Currently, gold prices trade steady at USD 1223.20/Oz, down -0.50% on the day, erasing gains from Asian trading. Gold prices fell as the US dollar strengthened on expectations of better than forecasts US retails sales data due later in the day.
Moreover, benign price pressures print in Germany and France also failed to support gold prices. Gold is widely considered an inflationary hedge.
Gold Technical Levels
The metal has an immediate resistance at 1228.25 (20-day SMA), above which gains could be extended to 1235.50 (Oct 28 High) levels. Meanwhile, support stands at 1217.60 (Oct 10 Low), below which doors could open for 1212.03 (100-day SMA) levels.