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16 Dec 2014
Gold stuck at USD 1200
FXStreet (Mumbai) - The price of the yellow metal appears stuck at USD 1200 after it declined from the high of USD 1204 hit few minutes earlier.
Gold now trades 0.65% lower at USD 119.80/Oz levels. The yellow metal recovered from the low of USD 119.80/Oz levels hit during the Asian session after the HSBC PMI data showed a contraction in the Chinese manufacturing activity. The metal also received support from the weakness in the Asian equity markets.
However, the gains have been halted around USD 1200 during the European session since the HSBC data showed a rebound in the German manufacturing activity along with a rise in the German economic Sentiment to May 2014 highs in December. The Major European stock markets have moved higher which has reduced the demand for Gold. The Dax currently trades 1.005 higher, while the Ftse is up 1.21%. Meanwhile, the US dollar index has extended losses during the European session to trade 0.52% lower at 88.26 levels.
Gold Technical Levels
The metal has an immediate resistance at the daily high of 1204, above which prices face another resistance at 1208 levels. Meanwhile, support is seen at 1198.40 (10-DMA) and 1190.00 levels.
Gold now trades 0.65% lower at USD 119.80/Oz levels. The yellow metal recovered from the low of USD 119.80/Oz levels hit during the Asian session after the HSBC PMI data showed a contraction in the Chinese manufacturing activity. The metal also received support from the weakness in the Asian equity markets.
However, the gains have been halted around USD 1200 during the European session since the HSBC data showed a rebound in the German manufacturing activity along with a rise in the German economic Sentiment to May 2014 highs in December. The Major European stock markets have moved higher which has reduced the demand for Gold. The Dax currently trades 1.005 higher, while the Ftse is up 1.21%. Meanwhile, the US dollar index has extended losses during the European session to trade 0.52% lower at 88.26 levels.
Gold Technical Levels
The metal has an immediate resistance at the daily high of 1204, above which prices face another resistance at 1208 levels. Meanwhile, support is seen at 1198.40 (10-DMA) and 1190.00 levels.