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5 May 2015
Gold back to square one
FXStreet (Mumbai) - Gold prices are back to USD 1186.80/Oz, after having faced rejection at the session high of USD 1190/Oz levels.
Gold rejected at 50-DMA
The metal failed to sustain gains above 50-DMA located at USD 1189.19 after which it fell back to its opening price of USD 1186.80. The metal came under pressure as the USD index rose to a high of 96.10, before easing back to 95.77 levels. Consequently, the losses in the metal have been capped around USD 1187.
Meanwhile, lackluster trading in the major European equities, coupled with moderate losses in the major US equity index futures restricted the losses in the metal. Ahead in the day, the US services PMI report could influence the metal.
Gold Technical Levels
The immediate resistance is seen at 1190.00, above which the metal could rise to its next hurdle at 1200.00. On the flip side, a break below 1185.9 could drive the pair lower to 1182.14 (hourly 50-MA).
Gold rejected at 50-DMA
The metal failed to sustain gains above 50-DMA located at USD 1189.19 after which it fell back to its opening price of USD 1186.80. The metal came under pressure as the USD index rose to a high of 96.10, before easing back to 95.77 levels. Consequently, the losses in the metal have been capped around USD 1187.
Meanwhile, lackluster trading in the major European equities, coupled with moderate losses in the major US equity index futures restricted the losses in the metal. Ahead in the day, the US services PMI report could influence the metal.
Gold Technical Levels
The immediate resistance is seen at 1190.00, above which the metal could rise to its next hurdle at 1200.00. On the flip side, a break below 1185.9 could drive the pair lower to 1182.14 (hourly 50-MA).