OctaFX | OctaFX Forex Broker
Open trading account
Back

Gold dips tracking strength in the Asian equities

FXStreet (Mumbai) - Gold prices have dipped today after the Asian equities strengthened on hopes that China may unleash more stimulus measures owing to a fall in the inflation rate.

Gold is trading 0.66% lower at USD 1226.30/Oz, after having hit a high of USD 1233.10/Oz earlier today. The Hang Seng is trading higher by 0.66%, while the ASX and the Shanghai has gained 0.73% and 0.48% respectively. Meanwhile, the Nikkei has gained almost 1% tracking the modest gain in the USD/JPY pair.

Moreover, the Asian equity markets are speculating that China would announce fresh stimulus measures after the Chinese CPI for the month of September was reported at 1.6% earlier today. Gold prices may find support at the current levels as the European equities are showing signs of weakness.

Gold Technical levels

Gold is trading near a critical support level of 1225, breach of which can take prices down to 1217 levels. Meanwhile, the prices can rise to 1237 levels if the yellow metal takes out the immediate resistance of 1233.

EUR/USD ignored German CPI, drifting to 1.2660

EUR/USD reversed the move from 1.2624 low posted in Asia, and drifted higher to current 1.2661.
Read more Previous

ECB's Draghi: Need for integrating statistical and supervisory data

Speaking at a Statistics Conference in Frankfurt, ECB president Mario Draghi said that that the recent expansion of the central bank's responsibilities calls for a more comprehensive and efficient mode of collecting statistical data.
Read more Next
Start livechat