24 Mar 2015
Gold recovers losses
FXStreet (Mumbai) - Gold prices recovered losses after the gauge of China’s service sector activity dipped to 11-month low.
Gold: Could it extend gains?
Gold prices recovered losses as the weak China data may have triggered a flight to safety. However, further gains in the metal are heavily dependent on the US dollar. At the moment, the US dollar index is trading 0.19% higher at 97.38 levels. The upbeat Eurozone PMI numbers could drive the USD lower, thereby supporting gains in the yellow metal.
Moreover, investors are likely to wait for the US CPI due for release in the US session today. A weaker-than-expected CPI could drive the USD lower and support further gains in Gold.
Gold Technical Levels
The metal currently trades at USD 1188.50/Oz levels, up 0.07% for the day. The immediate support is seen at 1185.6, under which the metal could drop to 1178.00 levels. On the other hand, a rise above 1193.00 could see the prices test 1200.00 levels.
Gold: Could it extend gains?
Gold prices recovered losses as the weak China data may have triggered a flight to safety. However, further gains in the metal are heavily dependent on the US dollar. At the moment, the US dollar index is trading 0.19% higher at 97.38 levels. The upbeat Eurozone PMI numbers could drive the USD lower, thereby supporting gains in the yellow metal.
Moreover, investors are likely to wait for the US CPI due for release in the US session today. A weaker-than-expected CPI could drive the USD lower and support further gains in Gold.
Gold Technical Levels
The metal currently trades at USD 1188.50/Oz levels, up 0.07% for the day. The immediate support is seen at 1185.6, under which the metal could drop to 1178.00 levels. On the other hand, a rise above 1193.00 could see the prices test 1200.00 levels.