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15 May 2015
Gold remains in red near $ 1218
FXStreet (Mumbai) - Gold prices on Comex keep losses during the European session, largely on the back of rising European stocks which dull gold’s attractiveness as a higher yielding asset. While broad based US dollar strength also continues to weigh on the yellow metal.
Gold trades below $ 1219
Currently, gold trades -0.55% lower at 1218.50, having posted day’s high at 1221.70 and day’s low at 1217.10. Gold fell further in to losses, failing every attempt to rise above $ 1220 levels as the traders shift their positions on the European equities as a stabilizing bond markets pushes European stocks higher.
Moreover, a firming greenback across the board ahead of a batch of key US data also keeps the gold prices under check. The dollar index, which measures the currency's strength against its major peers, trades 0.15% at 93.54 levels.
In the US last session, gold prices rallied to highest levels in three months after a run of sub-par fundamentals including the latest retail sales and PPI data from the US prompted a renewed sell-off in the dollar.
Gold Technical Levels
The metal has an immediate resistance at 1223 and 1227 levels. Meanwhile, support stands at 1215 below which doors could open for 1210 levels.
Gold trades below $ 1219
Currently, gold trades -0.55% lower at 1218.50, having posted day’s high at 1221.70 and day’s low at 1217.10. Gold fell further in to losses, failing every attempt to rise above $ 1220 levels as the traders shift their positions on the European equities as a stabilizing bond markets pushes European stocks higher.
Moreover, a firming greenback across the board ahead of a batch of key US data also keeps the gold prices under check. The dollar index, which measures the currency's strength against its major peers, trades 0.15% at 93.54 levels.
In the US last session, gold prices rallied to highest levels in three months after a run of sub-par fundamentals including the latest retail sales and PPI data from the US prompted a renewed sell-off in the dollar.
Gold Technical Levels
The metal has an immediate resistance at 1223 and 1227 levels. Meanwhile, support stands at 1215 below which doors could open for 1210 levels.