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20 Oct 2014
Gold at day’s high
FXStreet (Mumbai) - Gold prices have extended their gains ahead of the US session tracking the weakness in European equities and the US Equity futures.
Gold is now up 0.56% for the day, trading at a day’s high of 1246/Oz. The prices have recovered from USD 1235 levels hit earlier today. The major European equity indices have weakened, which has pushed the US Equity futures into the red. The Dax is trading 1.55% lower at 8712.80, while the Ftse is trading 1.03% lower at 6243.30. Meanwhile, the CAC is trading 1.57% lower at 3,970. Consequently, the S&P futures are trading 0.27% lower at 1875.95, while the DJIA futures have lost 0.54% to trade at 16,221.50.
The weakness in the equity markets has pushed the ten-year treasury yields in the US below 2.2%, which is supportive for the yellow metal. Gold may extend gains if the US Equities extend losses on opening.
Gold Technical levels
Gold has an immediate support of 1242, while the immediate resistance is located at 1250. Prices may rally to 1263 levels if the resistance of 1250 is breached.
Gold is now up 0.56% for the day, trading at a day’s high of 1246/Oz. The prices have recovered from USD 1235 levels hit earlier today. The major European equity indices have weakened, which has pushed the US Equity futures into the red. The Dax is trading 1.55% lower at 8712.80, while the Ftse is trading 1.03% lower at 6243.30. Meanwhile, the CAC is trading 1.57% lower at 3,970. Consequently, the S&P futures are trading 0.27% lower at 1875.95, while the DJIA futures have lost 0.54% to trade at 16,221.50.
The weakness in the equity markets has pushed the ten-year treasury yields in the US below 2.2%, which is supportive for the yellow metal. Gold may extend gains if the US Equities extend losses on opening.
Gold Technical levels
Gold has an immediate support of 1242, while the immediate resistance is located at 1250. Prices may rally to 1263 levels if the resistance of 1250 is breached.