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6 May 2015
Gold gains on weak US dollar
FXStreet (Mumbai) - Gold prices advanced 0.20% in the Asian session on Tuesday as the US dollar weakened against the basket of currencies.
Gold: Stalls near USD 1200/Oz
The yellow metal rose for the second consecutive session on Tuesday, although gains were capped at USD 1199.5 levels on the back of a better-than-expected US ISM non-manufacturing data. However, it appears the metal is on its way to USD 1200 once again, since the USD index weakened to 0.33% to trade at 94.96 levels.
It remains to be seen if the European desks also ditch the US dollar, thereby helping the yellow metal rise to USD 1200/Oz. Later in the day, the ADP employment change data in the US could influence the yellow metal.
Gold Technical Levels
The immediate resistance is seen at 1200.00, above which the metal could test its next resistance located at 1207.40. On the flip side, a break below 1189.91 (50-DMA), could drive the metal lower to 1183.7 (Apr. 14 low).
Gold: Stalls near USD 1200/Oz
The yellow metal rose for the second consecutive session on Tuesday, although gains were capped at USD 1199.5 levels on the back of a better-than-expected US ISM non-manufacturing data. However, it appears the metal is on its way to USD 1200 once again, since the USD index weakened to 0.33% to trade at 94.96 levels.
It remains to be seen if the European desks also ditch the US dollar, thereby helping the yellow metal rise to USD 1200/Oz. Later in the day, the ADP employment change data in the US could influence the yellow metal.
Gold Technical Levels
The immediate resistance is seen at 1200.00, above which the metal could test its next resistance located at 1207.40. On the flip side, a break below 1189.91 (50-DMA), could drive the metal lower to 1183.7 (Apr. 14 low).