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15 Apr 2015
Gold back below 50-DMA
FXStreet (Mumbai) - Gold prices on Comex trades reversed previous gains and fell back in red near fresh session lows in the mid-Asian session as the USD bulls jumps back in to the bids after a brief reversal seen yesterday on weak US macro data.
Gold heads towards fresh 2-week lows
Currently, gold trades -0.15% lower at fresh session lows near 1190.70 levels, having previously posted day’s high at 1194.80. Gold prices snapped its recovery and edged lower as the US dollar stalled its US retail sales data backed retreat and resumed its upside momentum, dragging gold prices lower.
Meanwhile, the US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades 0.20% higher at 99.21 levels.
Gold prices rebounded in the US last session following tepid US retail sales data which calmed sooner Fed rate hike expectations weighing on the US dollar.
Gold Technical Levels
The metal has an immediate resistance at 1191.33 (50-DMA) and 1198.98 (5-DMA) levels. Meanwhile, support stands at 1187.50 levels below which doors could open for 1183.50 levels.
Gold heads towards fresh 2-week lows
Currently, gold trades -0.15% lower at fresh session lows near 1190.70 levels, having previously posted day’s high at 1194.80. Gold prices snapped its recovery and edged lower as the US dollar stalled its US retail sales data backed retreat and resumed its upside momentum, dragging gold prices lower.
Meanwhile, the US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades 0.20% higher at 99.21 levels.
Gold prices rebounded in the US last session following tepid US retail sales data which calmed sooner Fed rate hike expectations weighing on the US dollar.
Gold Technical Levels
The metal has an immediate resistance at 1191.33 (50-DMA) and 1198.98 (5-DMA) levels. Meanwhile, support stands at 1187.50 levels below which doors could open for 1183.50 levels.