OctaFX | OctaFX Forex Broker
Open trading account
Back

Gold trades slightly weak

FXStreet (Mumbai) - Gold prices are trading slightly weak today after having rose to a five-week high yesterday.

Gold is trading 0.24% lower at USD 1248.70/Oz, down from the yesterday’s high of USD 1255.70/Oz. Moreover, the prices declined after the release of the better-than-expected housing data in the US yesterday. Meanwhile, the strength in the Asian equities today also helped curb the rise in Gold. The ASX and the Hang Seng are trading more than 1% each, while the Nikkei has gained 2.64% today. Elsewhere, the European equity futures are trading mixed.

Despite, the strength in the Asian equities, gold remains well supported on the festive demand from India.

Gold Technical levels

Gold has an immediate resistance of 1255.70, above which prices can rise to 1263 levels. On the flip side, Gold can decline to 1242 levels if the immediate support of 1245 is breached.

ECB's Coene: No concrete plan for buying corporate bonds

ECB Governing Council member Luc Coene said in an interview on Wednesday that no tangible plan of corporate bond purchases has been worked out yet.
Read more Previous

USD/JPY clings to 107.00

Very narrow range for USD/JPY at the start of the European session on Wednesday, looking to keep the trade around the 107.00 handle so far...
Read more Next
Start livechat