Back
2 Mar 2015
Gold treading water above $1,200
FXStreet (Edinburgh) - The troy ounce of the yellow metal is marginally lower on Monday, although it remains firm in levels just above the $1,200 mark.
Gold mixed on China, India
Better results from the Chinese docket over the weekend coupled with rate cuts by the PBoC initially lent support to the metal via better risk sentiment, albeit the dollar gained ground afterwards and pushed the metal lower.
However, further news from India stated that the government could keep unchanged the tax rate on gold imports, against rising rumours on the possibility of a tax cut.
Gold key levels
At the moment the metal is retreating 0.57% at $1,206.20 and a break below $1,201.00 (low Feb.25) would open the door to $1,190.50 (low Feb.24) and then $1,167.30 (low Jan.2). On the other hand, the initial resistance aligns at $1,223.00 (high Mar.2) followed by $1,236.40 (high Feb.16).
Gold mixed on China, India
Better results from the Chinese docket over the weekend coupled with rate cuts by the PBoC initially lent support to the metal via better risk sentiment, albeit the dollar gained ground afterwards and pushed the metal lower.
However, further news from India stated that the government could keep unchanged the tax rate on gold imports, against rising rumours on the possibility of a tax cut.
Gold key levels
At the moment the metal is retreating 0.57% at $1,206.20 and a break below $1,201.00 (low Feb.25) would open the door to $1,190.50 (low Feb.24) and then $1,167.30 (low Jan.2). On the other hand, the initial resistance aligns at $1,223.00 (high Mar.2) followed by $1,236.40 (high Feb.16).