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25 Feb 2015
Gold struggles for direction
FXStreet (Mumbai) - Gold prices continue to trade with lack of direction as markets monitor Fed chair Yellen’s testimony to the financial services committee. The metal did not react significantly to the upbeat New home sales data in the US.
Gold ignores US data
The US new home sales were sold at a faster pace than forecast in January. The data came in at an annual rate of 481,000 in January, little changed from December's revised figure, the government said Wednesday. The economists had forecast sales to a seasonally adjusted 470,000. However, the yellow metal did not respond to an upbeat data as markets remained solely focused on Fed chief Janet Yellen’s testimony. The metal trades 0.76% higher at USD 1206.40/Oz levels.
Gold Technical Levels
The immediate resistance is seen at 1213.48 (100-DMA), above which gains could be extended to 1219.6. On the flip side, a break below 1198.9 could see the pair drop to 1190.3 levels.
Gold ignores US data
The US new home sales were sold at a faster pace than forecast in January. The data came in at an annual rate of 481,000 in January, little changed from December's revised figure, the government said Wednesday. The economists had forecast sales to a seasonally adjusted 470,000. However, the yellow metal did not respond to an upbeat data as markets remained solely focused on Fed chief Janet Yellen’s testimony. The metal trades 0.76% higher at USD 1206.40/Oz levels.
Gold Technical Levels
The immediate resistance is seen at 1213.48 (100-DMA), above which gains could be extended to 1219.6. On the flip side, a break below 1198.9 could see the pair drop to 1190.3 levels.