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Gold at fresh session highs amid risk aversion

FXStreet (Mumbai) - Gold prices continued to move higher to a fresh daily high of USD 1140.78/Oz levels as traders ignored the mixed batch of US data ahead of the Fed chief Janet Yellen’s speech.

Supported by risk aversion

Gold and other traditional safe haven assets like the JPY, CHF, Treasuries have been buoyed by the risk aversion see in the major equity markets across the globe. The pan-European Euro Stoxx 600 index dropped more than 1%, dragging the S&P 500 index futures lower by 0.80%.

The contraction in the durable goods orders report and the slower than expected rise in the weekly jobless claims failed to have any major impact on the yellow metal. The traders now await the Yellen’s speech for more insights into whether the Fed plans to raise rates this year or not.

Gold Technical Levels

The immediate resistance is located at 1141.73 (Sep 18 high), above which the prices could test 1150 levels. On the other side, support is seen at 1132.90 (Nov 2014 low) and 1118 (50-DMA).

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