9 Mar 2015
Gold gains as the USD falls
FXStreet (Mumbai) - Gold prices advanced on Monday tracking the broad based weakness in the US Dollar. The metal had declined to a more than two-month lows on Friday after release of the stellar jobs report in the US.
Gold: Minor recovery due to a weak USD
The USD index has cooled down by 0.30% to 97.45 levels, in what appears to be a largely technical driven move. Still, the weakness in the USD helped the yellow metal recover from the low of USD 1167.4 to trade at USD 1174/Oz levels. Moreover, the metal is trading around the 76.4% Fib retracement (1131.9-1307.3) located at USD 1173.3 levels.
Given the absence of a fresh fundamental trigger, the metal is likely to track moves in the USD index and equity markets.
Gold Technical Levels
The immediate resistance is seen at 1182.36 (5-DMA), above which gains could be extended to 1193.00 levels. On the flip side, support is seen at 1163.7, under which losses could be extended to 1160.7 (Oct. 31 low).
Gold: Minor recovery due to a weak USD
The USD index has cooled down by 0.30% to 97.45 levels, in what appears to be a largely technical driven move. Still, the weakness in the USD helped the yellow metal recover from the low of USD 1167.4 to trade at USD 1174/Oz levels. Moreover, the metal is trading around the 76.4% Fib retracement (1131.9-1307.3) located at USD 1173.3 levels.
Given the absence of a fresh fundamental trigger, the metal is likely to track moves in the USD index and equity markets.
Gold Technical Levels
The immediate resistance is seen at 1182.36 (5-DMA), above which gains could be extended to 1193.00 levels. On the flip side, support is seen at 1163.7, under which losses could be extended to 1160.7 (Oct. 31 low).