4 Mar 2015
Gold falls to a session low of USD 1198.1/Oz
FXStreet (Mumbai) - Gold prices fell to a low of USD 1198.1/Oz levels after the US ISM non manufacturing PMI for February indicated faster expansion in the activity.
Gold: back above USD 1200, will it sustain?
The metal recovered from the low to trade at USD 1201.9/Oz levels. However, the continued strength in the USD index; up 0.59% in 96.01; could push the metal back below the USD 1200 level. The Treasury yields, too, have recovered losses to trade higher post the data in the US showed ISM non-manufacturing PMI in February at 56.9, beating the expectation of 56.5, and higher from the January’s 56.7.
However, the yellow metal could find strength due to weakness in the US equities. At the moment, the DJIA is trading 146.87 points or 0.81% lower at 18,056.50. Further losses in the equities could help the yellow metal sustain above USD 1200 levels.
Gold Technical Levels
The metal has multiple support in the range of 1190-1198. A break below 1190 could see prices drop sharply to 1172.8 levels. On the flip side, a break above the major resistance at 1219.6, could push the metal higher to 1240.3 levels.
Gold: back above USD 1200, will it sustain?
The metal recovered from the low to trade at USD 1201.9/Oz levels. However, the continued strength in the USD index; up 0.59% in 96.01; could push the metal back below the USD 1200 level. The Treasury yields, too, have recovered losses to trade higher post the data in the US showed ISM non-manufacturing PMI in February at 56.9, beating the expectation of 56.5, and higher from the January’s 56.7.
However, the yellow metal could find strength due to weakness in the US equities. At the moment, the DJIA is trading 146.87 points or 0.81% lower at 18,056.50. Further losses in the equities could help the yellow metal sustain above USD 1200 levels.
Gold Technical Levels
The metal has multiple support in the range of 1190-1198. A break below 1190 could see prices drop sharply to 1172.8 levels. On the flip side, a break above the major resistance at 1219.6, could push the metal higher to 1240.3 levels.