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27 Mar 2015
Gold dips in Asia, holds above USD 1200
FXStreet (Mumbai) - Gold prices on Comex remains drifted lower in the Asian session, moving away from fresh three week highs reached in the previous session largely on profit-taking ahead of key US economic releases later in the day.
Gold supported above USD 1200
Currently, gold trades lower by -0.22% at 1202.20 levels, consolidating previous gains above 1200 levels. Gold prices edged lower as traders resorted to book profits on their gold longs after the recent surge to fresh three week highs led by Saudi-Yemen bombing news.
Meanwhile, the US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades modestly flat at 97.61 levels. Also, holdings of the fund fell nearly 6 tonnes to 737.24 tonnes on Thursday, the lowest since January.
Traders will be eyeing the release of US GDP numbers and Fed official Fischer’s speech for a clear direction to take shape.
Gold Technical Levels
The metal has an immediate resistance at 1204 and 12110 levels. Meanwhile, support stands at 1200 levels below which doors could open for 1194 levels.
Gold supported above USD 1200
Currently, gold trades lower by -0.22% at 1202.20 levels, consolidating previous gains above 1200 levels. Gold prices edged lower as traders resorted to book profits on their gold longs after the recent surge to fresh three week highs led by Saudi-Yemen bombing news.
Meanwhile, the US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades modestly flat at 97.61 levels. Also, holdings of the fund fell nearly 6 tonnes to 737.24 tonnes on Thursday, the lowest since January.
Traders will be eyeing the release of US GDP numbers and Fed official Fischer’s speech for a clear direction to take shape.
Gold Technical Levels
The metal has an immediate resistance at 1204 and 12110 levels. Meanwhile, support stands at 1200 levels below which doors could open for 1194 levels.