7 Apr 2015
Gold weakens on strong US dollar
FXStreet (Mumbai) - Gold prices retreated on Tuesday, as the US dollar recovered its post-NFP losses against major currencies.
Gold: Trades at 5-DMA
Prices currently trade at the 5-DMA located at USD 1209.30/Oz, after having declined from a high of USD 1215.00 seen in the Asian session. The drop in Gold is in line with the slide in major currencies against the US dollar. The EUR/USD pair fell 0.61%, while the USD/JPY pair gained 0.36%. Meanwhile, Gold prices fell 0.77%.
Given the absence of a major market moving data in the US, we are likely to see Gold take cues from the movement in the USD index and major equity markets.
Gold Technical Levels
The immediate resistance is seen at 1214.22 (100-DMA), above which gains could be extended to 1217.37 (200-DMA). On the flip side, a break below the daily low at 1207.6, could push the metal down to 1204.51 (10-DMA).
Gold: Trades at 5-DMA
Prices currently trade at the 5-DMA located at USD 1209.30/Oz, after having declined from a high of USD 1215.00 seen in the Asian session. The drop in Gold is in line with the slide in major currencies against the US dollar. The EUR/USD pair fell 0.61%, while the USD/JPY pair gained 0.36%. Meanwhile, Gold prices fell 0.77%.
Given the absence of a major market moving data in the US, we are likely to see Gold take cues from the movement in the USD index and major equity markets.
Gold Technical Levels
The immediate resistance is seen at 1214.22 (100-DMA), above which gains could be extended to 1217.37 (200-DMA). On the flip side, a break below the daily low at 1207.6, could push the metal down to 1204.51 (10-DMA).