7 Apr 2015
Gold: recovers from a session low to trade above 100-DMA
FXStreet (Mumbai) - Gold prices recovered from the Asian session low of USD 1211.1/Oz to trade above its 100-DMA located at USD 1214.27 levels.
Gains capped around USD 1225-1220
The safe haven metal could not sustain above its 200-DMA in the previous session as the uptick in the treasury yields helped the USD take back its post-NFP losses. The recovery in the USD pushed the metal lower from USD 1224.4/Oz to a low of USD 1211.1/Oz on Tuesday.
A better-than-expected US data release in the previous session, along with the news that Greece will make payment to IMF on April 9th weighed over the yellow metal. However, prices have managed to recover above 100-DMA ahead of the European session.
Gold Technical Levels
The immediate resistance is seen at 1217.39 (200-DMA), above which gains could be extended to 1224.4. On the flip side, a break below 1214.27 (100-DMA) could push prices lower to 1210.30 (5-DMA).
Gains capped around USD 1225-1220
The safe haven metal could not sustain above its 200-DMA in the previous session as the uptick in the treasury yields helped the USD take back its post-NFP losses. The recovery in the USD pushed the metal lower from USD 1224.4/Oz to a low of USD 1211.1/Oz on Tuesday.
A better-than-expected US data release in the previous session, along with the news that Greece will make payment to IMF on April 9th weighed over the yellow metal. However, prices have managed to recover above 100-DMA ahead of the European session.
Gold Technical Levels
The immediate resistance is seen at 1217.39 (200-DMA), above which gains could be extended to 1224.4. On the flip side, a break below 1214.27 (100-DMA) could push prices lower to 1210.30 (5-DMA).