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22 Jan 2015
Rising USD restricts Gold near USD 1300
FXStreet (Mumbai) - The sharp rise in the US dollar following the European Central Bank’s expansion of the stimulus program has restricted gains in the yellow metal around USD 1300/Oz levels.
Gold prices now trade 0.44% higher for the day at USD 1299/Oz, after having declined from a high of USD 1304.10/Oz levels. Moreover, the USD index has shot higher to trade above 94.00 levels, up 1.10% for the day. The ECB’s renewed balance sheet expansion effort did support Gold prices, although strength in USD coupled with the rise in the Equity markets in the US and Europe has capped gains in the yellow metal.
Gold Technical Levels
The immediate resistance is seen at 1300, above which gains could be extended to 1305.1 levels. Meanwhile, support is seen at 1192 and 1283.4 levels.
Gold prices now trade 0.44% higher for the day at USD 1299/Oz, after having declined from a high of USD 1304.10/Oz levels. Moreover, the USD index has shot higher to trade above 94.00 levels, up 1.10% for the day. The ECB’s renewed balance sheet expansion effort did support Gold prices, although strength in USD coupled with the rise in the Equity markets in the US and Europe has capped gains in the yellow metal.
Gold Technical Levels
The immediate resistance is seen at 1300, above which gains could be extended to 1305.1 levels. Meanwhile, support is seen at 1192 and 1283.4 levels.