Back
16 Jan 2015
Gold capped at weekly 50-SMA
Gold prices rose sharply on Thursday, breaching the 200-DMA resistance level, although the gains were capped at the 50-weekly SMA level located at USD 1266.94 levels.
The yellow metal currently trades at 0.365 lower at USD 1260.30/Oz levels, compared to the previous session’s close at USD 1264.20/OZ levels. The metal clocked a high of USD 1266.90 levels yesterday before ending slightly lower. Moreover, the metal rose to the 50-week SMA yesterday for the first time since August 2014.
Gold prices may extend gains to trade above the weekly 50-SMA as markets may price-in a delay in the interest rate hike in the US if the December CPI in the US highlights a sharp weakness in the price pressures.
Gold Technical Levels
The immediate resistance is seen at 1266.9, above which gains could be extended to 1272.5. Meanwhile, support is seen at 1250.00 and 1244.57 levels.
The yellow metal currently trades at 0.365 lower at USD 1260.30/Oz levels, compared to the previous session’s close at USD 1264.20/OZ levels. The metal clocked a high of USD 1266.90 levels yesterday before ending slightly lower. Moreover, the metal rose to the 50-week SMA yesterday for the first time since August 2014.
Gold prices may extend gains to trade above the weekly 50-SMA as markets may price-in a delay in the interest rate hike in the US if the December CPI in the US highlights a sharp weakness in the price pressures.
Gold Technical Levels
The immediate resistance is seen at 1266.9, above which gains could be extended to 1272.5. Meanwhile, support is seen at 1250.00 and 1244.57 levels.