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12 Mar 2015
Gold hits session low below USD 1150/Oz
FXStreet (Mumbai) - Gold prices fell to a fresh session low of USD 1149.30/Oz levels as the US equity markets maintain their solid gains, while the USD index recovers from the daily low.
The yellow metal has been on a slow declining trend after hitting a high of USD 1166.4/Oz as the USD index recovered from the low of 98.65, while the major European equity markets and the US equity markets posted solid gains. The DJIA continues to trade 1% higher at 17,828.50, while the London’s Ftse has gained 0.76% to trade at 6773.30. Except Germany’s Dax, which trades flat, most other major equities have put on a good show.
However, it remains to be seen whether the weakness in the yellow metal persists, since the weakness in the US treasury yields could eventually weaken the US dollar.
Gold Technical Levels
The metal currently trades at USD 1151/Oz levels. The immediate support is seen at 1147.4, under which losses could be extended to 1142.8 (Nov. 30 low). On the flip side, resistance is seen at 1155.00 and 1162.54 (5-DMA) levels.
The yellow metal has been on a slow declining trend after hitting a high of USD 1166.4/Oz as the USD index recovered from the low of 98.65, while the major European equity markets and the US equity markets posted solid gains. The DJIA continues to trade 1% higher at 17,828.50, while the London’s Ftse has gained 0.76% to trade at 6773.30. Except Germany’s Dax, which trades flat, most other major equities have put on a good show.
However, it remains to be seen whether the weakness in the yellow metal persists, since the weakness in the US treasury yields could eventually weaken the US dollar.
Gold Technical Levels
The metal currently trades at USD 1151/Oz levels. The immediate support is seen at 1147.4, under which losses could be extended to 1142.8 (Nov. 30 low). On the flip side, resistance is seen at 1155.00 and 1162.54 (5-DMA) levels.