25 Mar 2015
Gold closing-in on USD 1200 mark
FXStreet (Mumbai) - Gold prices are within a touching distance from the USD 1200 mark after the USD weakened on a disappointing durable goods report.
Gold: gains for a fifth consecutive session
The metal is on its way to post gains for the fifth consecutive session, although the gains are coming slowly as the USD is making a comeback post the disappointing durable goods report. Prices are struggling near USD 1199 levels, after having recovered from the Asian session low of USD 1185.6. The metal faces a risk of a strong rebound in the USD.
Gold Technical Levels
The immediate resistance is seen at the psychological level of 1200, above which the prices could rise to 1205.70 (38.2% Fib retracement of 1307.3-1142.6). On the other hand, a break below 1195.3 (previous session high) could drive the prices lower to the 5-DMA currently located at 1190.16.
Gold: gains for a fifth consecutive session
The metal is on its way to post gains for the fifth consecutive session, although the gains are coming slowly as the USD is making a comeback post the disappointing durable goods report. Prices are struggling near USD 1199 levels, after having recovered from the Asian session low of USD 1185.6. The metal faces a risk of a strong rebound in the USD.
Gold Technical Levels
The immediate resistance is seen at the psychological level of 1200, above which the prices could rise to 1205.70 (38.2% Fib retracement of 1307.3-1142.6). On the other hand, a break below 1195.3 (previous session high) could drive the prices lower to the 5-DMA currently located at 1190.16.