Back
10 Dec 2014
Gold falls into the red as European equities stabilize
FXStreet (Mumbai) - Gold trades in red as the European equity markets stabilized following sharp declines on Greek-driven panic witnessed yesterday.
The yellow metal now trades 0.41% lower at USD 1227/Oz levels, after falling-off from a high of USD 1238.90/Oz levels hit earlier today. The metal lost steam as the major European equity indices stabilized today, which reduced the safe haven demand for the metal. The Germany’s DAX currently trades 0.87% higher, while the London’s Ftse is up 0.33%. Meanwhile, the US dollar index has recovered losses to trade largely unchanged at 88.72 levels.
Moreover, the gains in the European markets has seen the US Equity futures recover from the lows to trade largely in a sideways manner. The yellow metal may continue to extend losses if the US Equity markets gain in line with their European peers.
Gold Technical Levels
Gold has an immediate resistance at 1239, above which prices may extend gains to 1250. Meanwhile, intraday support is seen at 1221 and 1208.90 levels.
The yellow metal now trades 0.41% lower at USD 1227/Oz levels, after falling-off from a high of USD 1238.90/Oz levels hit earlier today. The metal lost steam as the major European equity indices stabilized today, which reduced the safe haven demand for the metal. The Germany’s DAX currently trades 0.87% higher, while the London’s Ftse is up 0.33%. Meanwhile, the US dollar index has recovered losses to trade largely unchanged at 88.72 levels.
Moreover, the gains in the European markets has seen the US Equity futures recover from the lows to trade largely in a sideways manner. The yellow metal may continue to extend losses if the US Equity markets gain in line with their European peers.
Gold Technical Levels
Gold has an immediate resistance at 1239, above which prices may extend gains to 1250. Meanwhile, intraday support is seen at 1221 and 1208.90 levels.