Gold prices advanced today in anticipation of the Chinese new year demand. The metal also recovered support from the surprise interest rate cut in Australia.
Gold trades at 10-DMA
The yellow metal trades at the 10-DMA level located at USD 1283.33/Oz levels, after having breached the 5-DMA resistance located at USD 1276 earlier today. The gains were triggered on expectation of rise in demand from China. Meanwhile, the Reserve Bank of Australia joined the global central bankers monetary easing party after it cut interest rates by 25 basis points to 2.25%.
The metal has been an indirect beneficiary of aggressive monetary policies adopted by central bankers across the globe. However, the gains are being capped by modest gains in the major European equity indices.
Gold Technical Levels
The immediate resistance is seen at 1285.6, above which gains could be extended to 1297.1 levels. Meanwhile, support is seen at 1276 (5-DMA) and 1272 levels.
Gold trades at 10-DMA
The yellow metal trades at the 10-DMA level located at USD 1283.33/Oz levels, after having breached the 5-DMA resistance located at USD 1276 earlier today. The gains were triggered on expectation of rise in demand from China. Meanwhile, the Reserve Bank of Australia joined the global central bankers monetary easing party after it cut interest rates by 25 basis points to 2.25%.
The metal has been an indirect beneficiary of aggressive monetary policies adopted by central bankers across the globe. However, the gains are being capped by modest gains in the major European equity indices.
Gold Technical Levels
The immediate resistance is seen at 1285.6, above which gains could be extended to 1297.1 levels. Meanwhile, support is seen at 1276 (5-DMA) and 1272 levels.
