Back
23 Feb 2015
Gold: can it fall below USD 1200/Oz?
FXStreet (Mumbai) - Gold prices are trading at USD 1200/Oz levels, threatening to fall below the same on fading concerns regarding the Greek debt deal and due to a rise in the US dollar.
Gold: Immediate support at 61.8% retracement level
Prices may drop below USD 1200, although the metal is being supported at USD 1199.2/Oz, which is the 61.8% retracement level of the uptrend from 1131.9 to 1307.7. Moreover, the losses were capped couple of times around the 61.8% Fib level in the last week. It remains to be seen whether the level once again acts as a strong support amid lack of major fundamental triggers out of the Europe and the US and fading concerns regarding the Greek debt deal.
Meanwhile, prices could find support due to the mixed action in the major European equity markets and the moderate decline seen in the US index futures.
Gold Technical Levels
The immediate support is seen at 1199.2, under which prices could fall to 1185.9. On the flip side, resistance is seen at 1207.2 and 1213.02 (100-DMA) levels.
Gold: Immediate support at 61.8% retracement level
Prices may drop below USD 1200, although the metal is being supported at USD 1199.2/Oz, which is the 61.8% retracement level of the uptrend from 1131.9 to 1307.7. Moreover, the losses were capped couple of times around the 61.8% Fib level in the last week. It remains to be seen whether the level once again acts as a strong support amid lack of major fundamental triggers out of the Europe and the US and fading concerns regarding the Greek debt deal.
Meanwhile, prices could find support due to the mixed action in the major European equity markets and the moderate decline seen in the US index futures.
Gold Technical Levels
The immediate support is seen at 1199.2, under which prices could fall to 1185.9. On the flip side, resistance is seen at 1207.2 and 1213.02 (100-DMA) levels.