26 May 2015
Gold steadies at USD 1205/Oz
FXStreet (Mumbai) - Gold prices once again trade lackluster around USD 1205/Oz levels as the upside remains capped due to the strength in the USD index, while the Greek issue ensures the safe haven metal stays above USD 1200 level.
Gold stuck below 200-DMA
The metal trades below its 200-DMA currently located at USD 1207.37 for the third consecutive session. However, the offers have not been able to push the metal below the USD 1200 mark on account of a rising threat of Greece defaulting on its payments to the IMF in June. Fresh bids were seen each time the metal dipped closer to USD 1200 in the last few sessions.
On the other hand, a strong US dollar is ensuring the metal is unable to extend gains today. The USD index has strengthened 0.33% to trade at 96.77 levels.
Gold Technical Levels
The immediate resistance is seen at 1207.37 (200-DMA), above which the metal could extend gains to 1212 (10-DMA). On the flip side, a break below 1200.36 (50-DMA) could drive the prices lower to 1194 levels.
Gold stuck below 200-DMA
The metal trades below its 200-DMA currently located at USD 1207.37 for the third consecutive session. However, the offers have not been able to push the metal below the USD 1200 mark on account of a rising threat of Greece defaulting on its payments to the IMF in June. Fresh bids were seen each time the metal dipped closer to USD 1200 in the last few sessions.
On the other hand, a strong US dollar is ensuring the metal is unable to extend gains today. The USD index has strengthened 0.33% to trade at 96.77 levels.
Gold Technical Levels
The immediate resistance is seen at 1207.37 (200-DMA), above which the metal could extend gains to 1212 (10-DMA). On the flip side, a break below 1200.36 (50-DMA) could drive the prices lower to 1194 levels.