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27 May 2015
Gold consolidates below $ 1190
FXStreet (Mumbai) - Gold prices on Comex defends mild gains in late-Asian session, recovering fresh two-week lows reached at 1185.50 reached on Tuesday, largely as the US dollar eased off fresh monthly highs against its major competitors following the latest upbeat data-led rally.
Gold recovers slightly
Currently, gold trades modestly flat at 1188.60, having posted day’s high at 1190.10 and day’s low at 1186.80. Gold consolidates previous losses and is seen trading in a narrow amid lack of fresh triggers in absence of any US macro data scheduled for release today.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades -0.08% lower at 97.30, retreating from fresh monthly highs reached at 97.48. A weaker greenback makes dollar-denominated commodities cheaper for holders of other currencies.
Gold Technical Levels
The metal has an immediate resistance at 1192 and 1195 levels. Meanwhile, support stands at 1185.50 below which doors could open for 1182 levels.
Gold recovers slightly
Currently, gold trades modestly flat at 1188.60, having posted day’s high at 1190.10 and day’s low at 1186.80. Gold consolidates previous losses and is seen trading in a narrow amid lack of fresh triggers in absence of any US macro data scheduled for release today.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades -0.08% lower at 97.30, retreating from fresh monthly highs reached at 97.48. A weaker greenback makes dollar-denominated commodities cheaper for holders of other currencies.
Gold Technical Levels
The metal has an immediate resistance at 1192 and 1195 levels. Meanwhile, support stands at 1185.50 below which doors could open for 1182 levels.