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7 Jan 2015
Gold extends losses, Fed Minutes in Focus
FXStreet (Mumbai) - Gold prices dived further today, extending losses from the Asian morning, as traders look ahead to the Fed minutes for any hint of an earlier rate hike.
Currently, gold traded at USD 1214.80/Oz, down -0.38%, correcting gains from the previous session. Gold prices dropped today as traders await the latest release of Federal Reserve (Fed) minutes later in the day that may continue to support the US dollar and halt gold's advance. At the meeting held on December 16-17, the Fed said it will be "patient" when considering the timing of the first rate hike since 2006.
In addition, the US dollar index advanced to fresh multi-year highs at 92.06 levels, up 0.20% on the day, which further contributed to the losses in gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1223.30 (Jan 6 High) levels, above which gains could be extended to 1228.90 (Dec 12 High) levels. Meanwhile, support stands at 1210.90 (Dec 30 High) below which doors could open for 1203.66 (100-DMA) levels.
Currently, gold traded at USD 1214.80/Oz, down -0.38%, correcting gains from the previous session. Gold prices dropped today as traders await the latest release of Federal Reserve (Fed) minutes later in the day that may continue to support the US dollar and halt gold's advance. At the meeting held on December 16-17, the Fed said it will be "patient" when considering the timing of the first rate hike since 2006.
In addition, the US dollar index advanced to fresh multi-year highs at 92.06 levels, up 0.20% on the day, which further contributed to the losses in gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1223.30 (Jan 6 High) levels, above which gains could be extended to 1228.90 (Dec 12 High) levels. Meanwhile, support stands at 1210.90 (Dec 30 High) below which doors could open for 1203.66 (100-DMA) levels.