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22 Apr 2015
Gold drops below USD 1200/Oz
FXStreet (Mumbai) - Gold prices are back below USD 1200/Oz after spending the entire European session battling the resistance around USD 1204-1205 levels.
Gold drops as USD erases losses
The yellow metal fell into losses as the USD index recovered from the low of 97.62 to trade at 98.05 levels. Throughout the European session, the yellow metal failed to rise over and above USD 1204-1205 despite weakness in the USD and major European equity markets.
The partial recovery in the US equity futures could have also added to the downward pressure on Gold. Given the fresh bid wave in the USD ahead of the US session, the metal could witness further losses.
Gold Technical Levels
The metal currently trades at USD 1198.5/Oz, down 0.38% for the day. The immediate resistance is seen at 1204-1205, above which the gains could be extended to 1208-1210 levels. On the flip side, a break below 1198.438 (hourly 50-MA) could drive prices lower to 1191.65 (50-DMA).
Gold drops as USD erases losses
The yellow metal fell into losses as the USD index recovered from the low of 97.62 to trade at 98.05 levels. Throughout the European session, the yellow metal failed to rise over and above USD 1204-1205 despite weakness in the USD and major European equity markets.
The partial recovery in the US equity futures could have also added to the downward pressure on Gold. Given the fresh bid wave in the USD ahead of the US session, the metal could witness further losses.
Gold Technical Levels
The metal currently trades at USD 1198.5/Oz, down 0.38% for the day. The immediate resistance is seen at 1204-1205, above which the gains could be extended to 1208-1210 levels. On the flip side, a break below 1198.438 (hourly 50-MA) could drive prices lower to 1191.65 (50-DMA).