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29 Dec 2014
Gold falls into the red
FXStreet (Mumbai) - Gold prices fell into the red during the European session despite the risk of the Greek parliament failing to elect the President for the third time today, leading to snap election in the debt laden country.
Gold prices now trade 0.09% lower at USD 1194.20/Oz levels, after having hit a high of USD 1197.40/Oz levels. Prices lack any clear trend as most assets, including the US dollar index is trading lackluster. A slight recovery in the US dollar index to 90.27 levels may have pushed the yellow metal lower. However, the metal lacks fresh fundamental triggers in the form of economic data out of Europe or US.
The Greek voting outcome may lead to some action in the Gold prices. Moreover, a snap election may see the anti-austerity, radical leftist Syriza party comes out on top, and thereby derail the Greek’s bailout program.
Gold Technical Levels
Gold has an immediate support located at 1192.90, below which prices can fall to 1188.64 (50-DMA) levels. Meanwhile, resistance is located at 1200.00 and 1208.16 (100-DMA).
Gold prices now trade 0.09% lower at USD 1194.20/Oz levels, after having hit a high of USD 1197.40/Oz levels. Prices lack any clear trend as most assets, including the US dollar index is trading lackluster. A slight recovery in the US dollar index to 90.27 levels may have pushed the yellow metal lower. However, the metal lacks fresh fundamental triggers in the form of economic data out of Europe or US.
The Greek voting outcome may lead to some action in the Gold prices. Moreover, a snap election may see the anti-austerity, radical leftist Syriza party comes out on top, and thereby derail the Greek’s bailout program.
Gold Technical Levels
Gold has an immediate support located at 1192.90, below which prices can fall to 1188.64 (50-DMA) levels. Meanwhile, resistance is located at 1200.00 and 1208.16 (100-DMA).