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13 May 2015
Gold rises after weak German GDP
FXStreet (Mumbai) - Gold printed fresh session high of USD 1194.5/Oz, after the release of a weaker-than-expected German first quarter GDP report.
Safe haven appeal supports Gold
The safe haven demand is ensuring a slow and steady rise in the metal in the late Asian session. Earlier today, the slowdown in the Chinese economy highlighted by the drop in the industrial production and retail sales failed to strengthen Gold. However, the metal inched higher after the official data showed the German economy expanded only 0.3% in Q1, compared to 0.7% in Q4 2014.
Ahead in the day, the Eurozone Q1 GDP could trigger volatility in the yellow metal. However, a bigger trigger lies ahead in the US session, when markets get the US advance retail sales data for April.
Gold Technical Levels
The immediate resistance is seen at 1200.00, above which the metal could rise to 1207.40. On the flip side, a break below 1187 could drive the metal lower to 1178.9.
Safe haven appeal supports Gold
The safe haven demand is ensuring a slow and steady rise in the metal in the late Asian session. Earlier today, the slowdown in the Chinese economy highlighted by the drop in the industrial production and retail sales failed to strengthen Gold. However, the metal inched higher after the official data showed the German economy expanded only 0.3% in Q1, compared to 0.7% in Q4 2014.
Ahead in the day, the Eurozone Q1 GDP could trigger volatility in the yellow metal. However, a bigger trigger lies ahead in the US session, when markets get the US advance retail sales data for April.
Gold Technical Levels
The immediate resistance is seen at 1200.00, above which the metal could rise to 1207.40. On the flip side, a break below 1187 could drive the metal lower to 1178.9.