Gold relive moderately on Wednesday after a three-day winning strip as the dollar and equities nourished, but prices held above $1,200 an ounce and near their biggest in three weeks on worries about Greece's political situation. Spot gold relive 0.4 per cent to $1,213.86 an ounce by 1038 GMT, after bouncing to its maximum since Dec. 15 at $1,222.40 in the last session, due to collapse in equity markets.
US gold futures for delivery in February fall down 0.3 percent to $1,215.20 an ounce. Gold's near-term resistance for the ending price is anticipated at $1,220, while a end above that level would shift the focus to further profit gains, with a target of $1,250.
The longer-term outlook remains one of continuous economic regaining in the United States leading to a first interest rate increase in the second half of the year.
Metal had recovers the important $1,200 level for the first time in three weeks on Tuesday, improved by softer-than-expected US economic data, which added to its appeal as an alternative investment.
Silver slide down by 0.8 percent to $16.37 an ounce, while platinum was upward 0.1 percent at $1,214.50 an ounce and palladium lost 0.4 percent to $796.50 an ounce.
Market Tips for 8 january 2015
REVIA MCX: SELL SILVER BELOW 37400 TGTS 37350/37000/36650 SL 37600 (9977785000)
REVIA MCX: SELL ALUMINIUM BELOW 112.30 TGTS 111.90/111.40/110.80 (9977785000)
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