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10 Apr 2015
Gold hovers at USD 1200
FXStreet (Mumbai) - Gold prices recovered losses amid broad based US strength to trade at USD 1200/Oz levels.
Weekly gain or loss?
The metal is trading marginally below its current week’s opening price of USD 1202.40/Oz. During the entire week, the metal has moved almost $30, setting high at USD 1224.4 and low at USD 1192.5 levels. However, ahead of the New York session, the metal is indicating a flat closing for the week.
Interestingly, the metal has been resilient throughout the European session, amid a broad based strength in the USD. The metal could be influenced by the sentiment in the US equity markets.
Gold Technical Levels
The immediate support is seen at 1194.28 (50-DMA), under which losses could be extended to 1190.3. On the flip side, resistance is seen at 1203.05 (10-DMA), above which gains could be extended to 1208.6.
Weekly gain or loss?
The metal is trading marginally below its current week’s opening price of USD 1202.40/Oz. During the entire week, the metal has moved almost $30, setting high at USD 1224.4 and low at USD 1192.5 levels. However, ahead of the New York session, the metal is indicating a flat closing for the week.
Interestingly, the metal has been resilient throughout the European session, amid a broad based strength in the USD. The metal could be influenced by the sentiment in the US equity markets.
Gold Technical Levels
The immediate support is seen at 1194.28 (50-DMA), under which losses could be extended to 1190.3. On the flip side, resistance is seen at 1203.05 (10-DMA), above which gains could be extended to 1208.6.