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30 Dec 2014
Gold recovers, strong USD bulls continue to weigh
FXStreet (Mumbai) - Gold prices on Comex firmed in the Asian morning, recovering losses seen in the previous session on the back of broad based US dollar strength.
Currently, gold trades at USD 1187.10/Oz, up 0.44% on the day, close to intraday high levels of 1187.70 hit some minutes ago. Gold prices fell in the US trading as the greenback scaled fresh five year peak of 90.61 levels. The US dollar strengthened against the euro in reaction to a political turmoil in Greece. The Greek parliament yesterday rejected a new president, calling for snap elections that will now be scheduled for Jan 25.
Gold Technical Levels
The metal has an immediate resistance at 1192.30 (Dec 7 High), above which gains could be extended to 1199.10 (Dec 26 High) levels. Meanwhile, support stands at 1178.60 (Dec 29 Low), below which doors could open for 1170.70 (Dec 22 Close) levels.
Currently, gold trades at USD 1187.10/Oz, up 0.44% on the day, close to intraday high levels of 1187.70 hit some minutes ago. Gold prices fell in the US trading as the greenback scaled fresh five year peak of 90.61 levels. The US dollar strengthened against the euro in reaction to a political turmoil in Greece. The Greek parliament yesterday rejected a new president, calling for snap elections that will now be scheduled for Jan 25.
Gold Technical Levels
The metal has an immediate resistance at 1192.30 (Dec 7 High), above which gains could be extended to 1199.10 (Dec 26 High) levels. Meanwhile, support stands at 1178.60 (Dec 29 Low), below which doors could open for 1170.70 (Dec 22 Close) levels.