18 May 2015
Gold pares gains
FXStreet (Mumbai) - Gold has slowly given up a major chunk of its early morning gains as it trades at USD 1226/Oz, compared to the early European morning high of USD 1232.3/Oz.
Strong USD caps gains
The Amercian dollar has begun the week on a positive note, rising almost 0.5% at one point of time against the basket of currencies. The Asian as well as the European desks favored the USD, which eventually weighed over the yellow metal, leading to a declined from the day’s high. The flat to negative action in the major European markets failed to provide any trigger to the yellow metal.
Given the absence of a major market moving data in the US, the metal is likely to track the movement in the USD index and the sentiment on the Wall Street.
Gold Technical Levels
The immediate resistance is seen at the daily high of USD 1232.3, above which gains could be extended to resistance is seen at 1236.8 (Feb 16 high). On the other hand, support is seen at 1224.4 and 1215 levels.
Strong USD caps gains
The Amercian dollar has begun the week on a positive note, rising almost 0.5% at one point of time against the basket of currencies. The Asian as well as the European desks favored the USD, which eventually weighed over the yellow metal, leading to a declined from the day’s high. The flat to negative action in the major European markets failed to provide any trigger to the yellow metal.
Given the absence of a major market moving data in the US, the metal is likely to track the movement in the USD index and the sentiment on the Wall Street.
Gold Technical Levels
The immediate resistance is seen at the daily high of USD 1232.3, above which gains could be extended to resistance is seen at 1236.8 (Feb 16 high). On the other hand, support is seen at 1224.4 and 1215 levels.