13 Jan 2015
Gold posts fresh 3-Month high
FXStreet (Mumbai) - Gold prices traded higher in late-Asian session, extending gains for the third straight session on rising safe-haven bids amid plummeting oil prices and falling Asian equities.
Currently, gold traded at USD 1234.50/Oz, up 0.14%, retreating slightly from fresh three-month highs of 1239.40 levels hit in the early Asian morning. Gold prices strengthened today as looming political crisis in Greece coupled with talks of a sovereign QE in the European continent spooked markets which turned to gold as a safe-haven asset.
Moreover, a slump in global equities as a result of bleeding oil prices also made gold an attractive safety-bet and bolstered the demand for the yellow-metal.
Gold Technical Levels
The metal has an immediate resistance at 1250 (Oct 12 High) levels, above which gains could be extended to 1255 levels. Meanwhile, support stands at 1229 levels below which doors could open for 1221.70 (Dec 14 Low) levels.
Currently, gold traded at USD 1234.50/Oz, up 0.14%, retreating slightly from fresh three-month highs of 1239.40 levels hit in the early Asian morning. Gold prices strengthened today as looming political crisis in Greece coupled with talks of a sovereign QE in the European continent spooked markets which turned to gold as a safe-haven asset.
Moreover, a slump in global equities as a result of bleeding oil prices also made gold an attractive safety-bet and bolstered the demand for the yellow-metal.
Gold Technical Levels
The metal has an immediate resistance at 1250 (Oct 12 High) levels, above which gains could be extended to 1255 levels. Meanwhile, support stands at 1229 levels below which doors could open for 1221.70 (Dec 14 Low) levels.