10 Mar 2015
Gold bounces off 3-month low
FXStreet (Córdoba) - Gold fell to a fresh 3-month low on Tuesday although it managed to recover ground over the last hours, trimming intraday losses.
Gold fell to its lowest level since early December at $1,155 an ounce during the European session as the US dollar continued to benefit from prospects of a Fed rate hike around mid-year following surprisingly strong nonfarm payrolls report on Friday.
The US dollar index, which measures the greenback’s strength against a basket of currencies, reached an 11-year high of of 98.50 on Tuesday.
However, the yellow metal has managed to climb back to the $1,1167/oz area, where it trades little changed on the day.
Gold technical levels
As for technical levels, the XAU/USD could find immediate supports at $1,155 (daily low) and $1,142 (Dec 2 low). On the flip side, immediate resistances are seen at $1,1169 (daily high) and $1,1175 (Mar 9 high).
Gold fell to its lowest level since early December at $1,155 an ounce during the European session as the US dollar continued to benefit from prospects of a Fed rate hike around mid-year following surprisingly strong nonfarm payrolls report on Friday.
The US dollar index, which measures the greenback’s strength against a basket of currencies, reached an 11-year high of of 98.50 on Tuesday.
However, the yellow metal has managed to climb back to the $1,1167/oz area, where it trades little changed on the day.
Gold technical levels
As for technical levels, the XAU/USD could find immediate supports at $1,155 (daily low) and $1,142 (Dec 2 low). On the flip side, immediate resistances are seen at $1,1169 (daily high) and $1,1175 (Mar 9 high).