1 Dec 2014
Gold rises more than 1.5% as US dollar extends slide
FXStreet (Mumbai) - Gold prices extended gains as the US dollar extended the slide against major currencies ahead of the manufacturing data in the US.
Gold now traded 1.59% higher at USD 1195.90/Oz levels. The metal has recovered more than USD 50 from the day’s low of USD 1141.80/Oz hit earlier today. The stellar recovered witnessed today has been partly driven by the weakness in the US dollar and partly by the weak manufacturing data out of China and Eurozone and Moody’s downgrade of Japanese debt. Moreover, the metal had opened lower today after the Gold referendum was voted down in Switzerland yesterday.
The yellow metal may go to test USD 1200.00 levels if the Markit and ISM manufacturing indices fail to surpass market expectations.
Gold Technical Levels
Gold has an immediate resistance at the psychological figure of 1200, which is also happens to be the 200-DMA level. The breach of resistance at 1200, can push the prices to 1208 levels. On the flip side, break below the support located at 1189.44 (10-DMA), can push the prices down to 1181.66 (5-DMA).
Gold now traded 1.59% higher at USD 1195.90/Oz levels. The metal has recovered more than USD 50 from the day’s low of USD 1141.80/Oz hit earlier today. The stellar recovered witnessed today has been partly driven by the weakness in the US dollar and partly by the weak manufacturing data out of China and Eurozone and Moody’s downgrade of Japanese debt. Moreover, the metal had opened lower today after the Gold referendum was voted down in Switzerland yesterday.
The yellow metal may go to test USD 1200.00 levels if the Markit and ISM manufacturing indices fail to surpass market expectations.
Gold Technical Levels
Gold has an immediate resistance at the psychological figure of 1200, which is also happens to be the 200-DMA level. The breach of resistance at 1200, can push the prices to 1208 levels. On the flip side, break below the support located at 1189.44 (10-DMA), can push the prices down to 1181.66 (5-DMA).