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2 Jan 2015
Gold steadies into the New Year
FXStreet (Mumbai) - Gold prices commences the New Year on a positive note, now trading unchanged in the early Asian session as growth worries China kept gold prices underpinned.
Currently, gold trades modestly flat at USD 1185.20/Oz, having clocked day’s high at USD 1188.30/Oz in the early Asian morning. Gold prices got support after China’s Purchasing Managers Index, a gauge of conditions in the industry, slipped to 50.1 in December from 50.3 a month earlier, the lowest reading in a year and a half, raised concerns over softer economic activity in the world’s second largest economy.
Gold prices are expected to remain buoyed as Greece political and financial woes loom and also on increased physical demand for the yellow metal ahead of upcoming Lunar New Year celebrations in China.
Gold Technical Levels
The metal has an immediate resistance at 1190 levels, above which gains could be extended to 1195 levels. Meanwhile, support stands at 1179.50 (Dec 31 Low), below which doors could open for 1175 levels.
Currently, gold trades modestly flat at USD 1185.20/Oz, having clocked day’s high at USD 1188.30/Oz in the early Asian morning. Gold prices got support after China’s Purchasing Managers Index, a gauge of conditions in the industry, slipped to 50.1 in December from 50.3 a month earlier, the lowest reading in a year and a half, raised concerns over softer economic activity in the world’s second largest economy.
Gold prices are expected to remain buoyed as Greece political and financial woes loom and also on increased physical demand for the yellow metal ahead of upcoming Lunar New Year celebrations in China.
Gold Technical Levels
The metal has an immediate resistance at 1190 levels, above which gains could be extended to 1195 levels. Meanwhile, support stands at 1179.50 (Dec 31 Low), below which doors could open for 1175 levels.