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5 Dec 2014
Gold hovers above USD 1200
FXStreet (Mumbai) - Gold prices recorded modest overnight gains and traded cautiously in the early Asian hours ahead of a major US Jobs data.
At the time of writing, the yellow metal trades at USD 1203.40/Oz, down -0.20%, holding above the 50-day SMA. Gold prices remain pressured after ECB refrained from taking any additional stimulus measures. He further stated that it wouldn’t consider adding to gold purchases.
Markets will remain focussed on US NFP numbers due later in the day, as the dollar heads for a seventh weekly increase.
Gold Technical Levels
The metal has an immediate resistance at 1206 (20-day SMA), above which gains could be extended to 1210 levels. Meanwhile, support stands at 1200 (50-day SMA) and 1196 (200-day SMA) levels.
At the time of writing, the yellow metal trades at USD 1203.40/Oz, down -0.20%, holding above the 50-day SMA. Gold prices remain pressured after ECB refrained from taking any additional stimulus measures. He further stated that it wouldn’t consider adding to gold purchases.
Markets will remain focussed on US NFP numbers due later in the day, as the dollar heads for a seventh weekly increase.
Gold Technical Levels
The metal has an immediate resistance at 1206 (20-day SMA), above which gains could be extended to 1210 levels. Meanwhile, support stands at 1200 (50-day SMA) and 1196 (200-day SMA) levels.