17 Mar 2015
Gold struggles to extend gains
FXStreet (Mumbai) - Gold prices recovered from the low of USD 1151.20/Oz, although the metal is struggling to extend gains despite the weakness in the USD index.
Gold back above 5-DMA
The metal is back above its 5-DMA located at USD 1155.76/Oz, however, the metal is unable to extend gains despite the 0.22% drop seen in the USD index. The major European equity index futures are trading flat to negative. Moreover, the weakness in the European markets could help the metal extend gains to its 10-DMA located at USD 1160.04 levels.
Gold Technical Levels
The immediate resistance is seen at 1160.04 (10-DMA), above which gains could be extended to 1173.20 levels. On the other hand, a break below 1150.00 could drive the prices down to 1142.8.
Gold back above 5-DMA
The metal is back above its 5-DMA located at USD 1155.76/Oz, however, the metal is unable to extend gains despite the 0.22% drop seen in the USD index. The major European equity index futures are trading flat to negative. Moreover, the weakness in the European markets could help the metal extend gains to its 10-DMA located at USD 1160.04 levels.
Gold Technical Levels
The immediate resistance is seen at 1160.04 (10-DMA), above which gains could be extended to 1173.20 levels. On the other hand, a break below 1150.00 could drive the prices down to 1142.8.