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24 Feb 2015
Gold supported above USD 1200 ahead of Yellen’s testimony
FXStreet (Mumbai) - Gold prices on Comex remain elevated in the Asian session, sustaining above the crucial USD 1200 mark as traders now await US Fed Chair Yellen’s testimony before the Senate for any hints on the likely start of US monetary policy normalization.
Gold clings on to 1200 levels
Currently, gold trades higher by 0.20% at 1203.20 levels, having posted fresh session highs at 1204.40 levels some time ago. Gold prices remain underpinned on mixed Asian equities which boosted gold’s demand as an alternative asset. Moreover, traders now expect that Yellen’s testimony may echo dovish Fed's January meeting minutes released in the last week, which may further boost gold prices.
Meanwhile, in an evidence of investors’ confidence in the yellow metal, holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose to 771.25 tonnes on Friday.
Gold Technical Levels
The metal has an immediate resistance at 1209.90 and 1213.50 (100-DMA) levels. Meanwhile, support stands at 1190.70 levels below which doors could open for 1182 levels.
Gold clings on to 1200 levels
Currently, gold trades higher by 0.20% at 1203.20 levels, having posted fresh session highs at 1204.40 levels some time ago. Gold prices remain underpinned on mixed Asian equities which boosted gold’s demand as an alternative asset. Moreover, traders now expect that Yellen’s testimony may echo dovish Fed's January meeting minutes released in the last week, which may further boost gold prices.
Meanwhile, in an evidence of investors’ confidence in the yellow metal, holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose to 771.25 tonnes on Friday.
Gold Technical Levels
The metal has an immediate resistance at 1209.90 and 1213.50 (100-DMA) levels. Meanwhile, support stands at 1190.70 levels below which doors could open for 1182 levels.