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15 Jan 2015
Gold at day's high after dismal US data
FXStreet (Mumbai) - Gold prices rose to a day high of USD 1264.30/Oz levels before settling slightly lower, after the regional manufacturing index in the US showed sharp decline in the activity.
The yellow metal hovers at USD 1261.51/Oz levels; up 2.11% for the day. The Philadelphia Federal Reserve manufacturing activity index declined to 6.3, missing the expected print of 18.7, and down from December’s 24.3. Earlier today, the labor department data also showed initial jobless claims rose sharply to 316K for the week ended Jan. 10, beating the estimate of 290K. Moreover, with the exception of New York Fed’s general business conditions index, all other data releases have been dismal, which supports gains in the yellow metal.
Gold may extend gains if the US stock markets extend slump later in the day.
Gold Technical Levels
The immediate resistance is seen at 1272.40, above which gains could be extended to 1282.90 levels. Meanwhile, support is seen at 1255.10 and 1244.40 levels.
The yellow metal hovers at USD 1261.51/Oz levels; up 2.11% for the day. The Philadelphia Federal Reserve manufacturing activity index declined to 6.3, missing the expected print of 18.7, and down from December’s 24.3. Earlier today, the labor department data also showed initial jobless claims rose sharply to 316K for the week ended Jan. 10, beating the estimate of 290K. Moreover, with the exception of New York Fed’s general business conditions index, all other data releases have been dismal, which supports gains in the yellow metal.
Gold may extend gains if the US stock markets extend slump later in the day.
Gold Technical Levels
The immediate resistance is seen at 1272.40, above which gains could be extended to 1282.90 levels. Meanwhile, support is seen at 1255.10 and 1244.40 levels.