Gold Price rises above 200-DMA

New York (May 13)  Gold prices extended gains to trade above 200-DMA located at USD 1207.24 as the disappointing economic data across the globe forced investors to pour money into safe haven assets.

Gold rises above 100-DMA

The metal now trades above 100-DMA located at USD 1211.01. The safe haven assets like Gold, US Treasuries, German Bunds, and the Japanese Yen inched higher after the data from China to Europe and to US released today triggered concerns of a slowdown in the economic activity.

Further gains could be seen ahead in the day as the bid tone on the safe haven assets may prevail in case the US equity markets turn lower on disappointing data.

Gold Technical Levels

The immediate support is seen at 1211.01 (100-DMA) and 1207.24 (200-DMA). On the other hand, the metal may extend gains to its immediate resistance seen at 1214.2 (Apr. 28 high) and 1224.4 (Apr. 6 high).