Back
11 Mar 2015
Gold supported by weak China data
FXStreet (Mumbai) - Gold prices are trading moderately higher after the data in China showed a slowdown in the Industrial production and retail turnover. The risk aversion in the stock markets also supports the yellow metal.
Gold gains on safe haven demand
Prices inched higher from USD 1161/Oz to USD 1164.6/Oz after the data in China showed industrial production growth slowdown down to 6.8% in February, while retail sales slowed down to 10.7%. Both the data missed expectations which supported the yellow metal.
Meanwhile, the risk aversion in the US stock markets in the previous session also helped the metal recover from USD 1155/Oz.
Gold Technical Levels
The immediate support is seen at 1161.00, under the metal could fall back to 1155 levels. On the other hand, resistance is seen at 1166.04 (5-DMA) and 1173.4 levels.
Gold gains on safe haven demand
Prices inched higher from USD 1161/Oz to USD 1164.6/Oz after the data in China showed industrial production growth slowdown down to 6.8% in February, while retail sales slowed down to 10.7%. Both the data missed expectations which supported the yellow metal.
Meanwhile, the risk aversion in the US stock markets in the previous session also helped the metal recover from USD 1155/Oz.
Gold Technical Levels
The immediate support is seen at 1161.00, under the metal could fall back to 1155 levels. On the other hand, resistance is seen at 1166.04 (5-DMA) and 1173.4 levels.