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2 Mar 2015
Gold hits new 2-week highs on strong Asian demand
FXStreet (Mumbai) - Gold prices on Comex remained lifted in the late-Asian session, extending its upward trajectory largely driven by strong demand from world’s biggest consumers – India and China.
Gold supported above 100-DMA located at 1215.82 levels
Currently, gold trades higher by 0.60% at 1220.40 levels, having posted fresh two week highs at 1223 levels some hours ago. Gold prices edged higher in the Asian session backed by Chinese Central bank’s additional stimulus measures rolled out over the weekend. Moreover, the yellow metal received support from a pick-up in Chinese buying reflected by premiums on Shanghai Gold Exchange which remains close to yearly highs.
Additionally, reports that gold imports are likely to surge in India, world’s top consumer also added to the strength in the yellow metal prices.
Meanwhile, gold prices are likely to remain underpinned above 100-DMA, despite the recent strength in the US dollar.
Gold Technical Levels
The metal has an immediate resistance at 1237.03 (100-DMA) and 1241.07 (50-DMA) levels. Meanwhile, support stands at 1215.82 (100-DMA) levels below which doors could open for 1207.19 (10-DMA) levels.
Gold supported above 100-DMA located at 1215.82 levels
Currently, gold trades higher by 0.60% at 1220.40 levels, having posted fresh two week highs at 1223 levels some hours ago. Gold prices edged higher in the Asian session backed by Chinese Central bank’s additional stimulus measures rolled out over the weekend. Moreover, the yellow metal received support from a pick-up in Chinese buying reflected by premiums on Shanghai Gold Exchange which remains close to yearly highs.
Additionally, reports that gold imports are likely to surge in India, world’s top consumer also added to the strength in the yellow metal prices.
Meanwhile, gold prices are likely to remain underpinned above 100-DMA, despite the recent strength in the US dollar.
Gold Technical Levels
The metal has an immediate resistance at 1237.03 (100-DMA) and 1241.07 (50-DMA) levels. Meanwhile, support stands at 1215.82 (100-DMA) levels below which doors could open for 1207.19 (10-DMA) levels.