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4 Feb 2015
Gold inches higher ahead of the European session
FXStreet (Mumbai) - Gold prices inched higher on signs of weakness in the European equities even though Greek fears continue to subside.
Safe haven demand may return on weak European equities
The metal may see a rise in safe haven demand as the major European equity futures are trading in the red. The German Dax futures are trading 0.22% lower, while Cac futures are down 0.43%. Meanwhile, London’s Ftse futures are down 0.19%.
Meanwhile, the gains could be capped as Greek fears continue to subside. Moreover, reports are doing the rounds that the newly elected government is planning to repay debt to the European Central Bank.
Gold Technical Levels
The metal currently trades 0.42% higher at USD 1265.60/Oz levels. The immediate resistance is seen at 1266.24 (50-WMA), above which gains could be extended to 1273.38 (5-DMA). Meanwhile, support is seen at 1256.4 and 1251.9 levels.
Safe haven demand may return on weak European equities
The metal may see a rise in safe haven demand as the major European equity futures are trading in the red. The German Dax futures are trading 0.22% lower, while Cac futures are down 0.43%. Meanwhile, London’s Ftse futures are down 0.19%.
Meanwhile, the gains could be capped as Greek fears continue to subside. Moreover, reports are doing the rounds that the newly elected government is planning to repay debt to the European Central Bank.
Gold Technical Levels
The metal currently trades 0.42% higher at USD 1265.60/Oz levels. The immediate resistance is seen at 1266.24 (50-WMA), above which gains could be extended to 1273.38 (5-DMA). Meanwhile, support is seen at 1256.4 and 1251.9 levels.