Back
16 Dec 2014
Gold tanks 1%, trades below USD 1200 before Fed Meeting
FXStreet (Mumbai) - Gold prices on Comex continued its slide today, after posting its biggest daily decline so far this year in the previous session.
Currently, gold prices trades at USD 1194.70/Oz, down -1.08% on the day, after having dropped more than 2% in the previous session. Gold prices fell yesterday amid speculations over Fed’s US interest rate hike sooner than expected as markets await clues on the timing of the interest rate hike from the Federal Reserve two-day monetary policy meeting commencing today. Investors are closely watching the Fed’s language which may provide further directions on the gold price movement.
Moreover, the ongoing carnage in oil prices also wane the demand for gold as a hedge against oil-led inflation, pushing the yellow metal prices lower.
Gold Technical Levels
The metal has an immediate resistance at 1199.30 (Nov 28 High), above which gains could be extended to 1203 (Nov 25 High) levels. Meanwhile, support stands at 1191.30 (Dec 15 Low), below which doors could open for 1186.40 (Dec 5 Low) levels.
Currently, gold prices trades at USD 1194.70/Oz, down -1.08% on the day, after having dropped more than 2% in the previous session. Gold prices fell yesterday amid speculations over Fed’s US interest rate hike sooner than expected as markets await clues on the timing of the interest rate hike from the Federal Reserve two-day monetary policy meeting commencing today. Investors are closely watching the Fed’s language which may provide further directions on the gold price movement.
Moreover, the ongoing carnage in oil prices also wane the demand for gold as a hedge against oil-led inflation, pushing the yellow metal prices lower.
Gold Technical Levels
The metal has an immediate resistance at 1199.30 (Nov 28 High), above which gains could be extended to 1203 (Nov 25 High) levels. Meanwhile, support stands at 1191.30 (Dec 15 Low), below which doors could open for 1186.40 (Dec 5 Low) levels.