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24 Feb 2015
Gold posts fresh lows below USD 1200, Yellen’s testimony eyed
FXStreet (Mumbai) - Gold prices on Comex pared previous gains and slipped below 1200 levels on a strengthening US dollar ahead of US Fed Chair Yellen’s testimony before the Senate for any hints on the likely start of US monetary policy normalization.
Gold breaks below 1200 levels
Currently, gold trades lower by -0.47% at 1195.10 levels, having posted fresh session lows at 1994.40 levels some time ago and heads towards fresh seven week lows reached yesterday. Gold prices slipped as the US dollar edged higher across the board as traders eagerly await Yellen’s speech. Any hints of optimism about the US economy's prospects would boost the greenback and therefore put downward pressure on safe-haven assets such as gold.
Meanwhile, holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, remained unchanged at 771.25 tonnes on Monday.
Gold Technical Levels
The metal has an immediate resistance at 1209.90 and 1213.50 (100-DMA) levels. Meanwhile, support stands at 1190.70 levels below which doors could open for 1182 levels.
Gold breaks below 1200 levels
Currently, gold trades lower by -0.47% at 1195.10 levels, having posted fresh session lows at 1994.40 levels some time ago and heads towards fresh seven week lows reached yesterday. Gold prices slipped as the US dollar edged higher across the board as traders eagerly await Yellen’s speech. Any hints of optimism about the US economy's prospects would boost the greenback and therefore put downward pressure on safe-haven assets such as gold.
Meanwhile, holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, remained unchanged at 771.25 tonnes on Monday.
Gold Technical Levels
The metal has an immediate resistance at 1209.90 and 1213.50 (100-DMA) levels. Meanwhile, support stands at 1190.70 levels below which doors could open for 1182 levels.