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23 Jan 2015
Gold under pressure due to strong USD
FXStreet (Mumbai) - Gold prices dipped below USD 1300 today, as the greenback continues to scale fresh multi-year highs against the basket of currencies.
The yellow metal traded 0.33% lower at USD 1296.50/Oz levels at the time of writing, compared to the previous session’s close at USD 1300.70/Oz levels. The metal declined as the USD index strengthened sharply to trade above 94.50 levels, post the European Central Bank (ECB) detailed its QE program yesterday. The strength in the USD has capped gains in the Gold prices. However, the metal is likely to remain well supported due to the aggressive monetary policies adopted by most central bankers across Europe and Asia.
Gold Technical Levels
The immediate resistance is seen at 1300, above which the metal could re-test the previous session’s high at 1307.3 levels. Meanwhile, support is seen at 1295.39 (hourly 50-SMA) and 1289.54 (hourly 100-SMA) levels.
The yellow metal traded 0.33% lower at USD 1296.50/Oz levels at the time of writing, compared to the previous session’s close at USD 1300.70/Oz levels. The metal declined as the USD index strengthened sharply to trade above 94.50 levels, post the European Central Bank (ECB) detailed its QE program yesterday. The strength in the USD has capped gains in the Gold prices. However, the metal is likely to remain well supported due to the aggressive monetary policies adopted by most central bankers across Europe and Asia.
Gold Technical Levels
The immediate resistance is seen at 1300, above which the metal could re-test the previous session’s high at 1307.3 levels. Meanwhile, support is seen at 1295.39 (hourly 50-SMA) and 1289.54 (hourly 100-SMA) levels.