26 Mar 2015
Gold rally stalls near 100-DMA
FXStreet (Mumbai) - Gold prices backed-off slightly from the session high of USD 1219.3 to trade just below the 100-DMA located at USD 1214.91 levels.
Gold: Capped at 10-week average
The metal failed to sustain gains above the 10-week average located at USD 1217.36. However, further gains are likely as the USD continues to trade weak across the board, while the European markets maintain their risk-off mood. Meanwhile, an upbeat retail sales data in the UK could further weaken the USD, thereby leading to further strength in the Gold.
Gold Technical Levels
The immediate resistance is seen at 1214.91 (100-DMA), above which prices could rise to 1217.36 (10-WMA). On the other hand, a break below 1209 could push the prices back to 1200.00 levels.
Gold: Capped at 10-week average
The metal failed to sustain gains above the 10-week average located at USD 1217.36. However, further gains are likely as the USD continues to trade weak across the board, while the European markets maintain their risk-off mood. Meanwhile, an upbeat retail sales data in the UK could further weaken the USD, thereby leading to further strength in the Gold.
Gold Technical Levels
The immediate resistance is seen at 1214.91 (100-DMA), above which prices could rise to 1217.36 (10-WMA). On the other hand, a break below 1209 could push the prices back to 1200.00 levels.