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27 Mar 2015
Gold flirts with USD 1200/Oz level
FXStreet (Mumbai) - Gold prices hover around the USD 1200/Oz mark, unable to extend gains on a weaker-than-expected US GDP report.
Gold struggles as the USD stays resilient
The weak GDP report triggered a minor sell-off in the USD, although much of the post-GDP losses have been erased. Consequently, Gold failed to extend gains despite the US final Q4 GDP printing lower than expected at 2.2%. Meanwhile, the relatively stable equity markets in Europe have kept the safe havens under pressure today.
The metal could take cues from the release of the US Michigan consumer sentiment index and Yellen speech scheduled later in the day. The action in the US equity markets could influence Gold as well.
Gold Technical Levels
The immediate resistance is seen at 1201.17 (hourly 50-MA), above prices could rise to 1205.60. On the other hand, a break below 1195.6 could drive the prices lower to 1190.00 levels.
Gold struggles as the USD stays resilient
The weak GDP report triggered a minor sell-off in the USD, although much of the post-GDP losses have been erased. Consequently, Gold failed to extend gains despite the US final Q4 GDP printing lower than expected at 2.2%. Meanwhile, the relatively stable equity markets in Europe have kept the safe havens under pressure today.
The metal could take cues from the release of the US Michigan consumer sentiment index and Yellen speech scheduled later in the day. The action in the US equity markets could influence Gold as well.
Gold Technical Levels
The immediate resistance is seen at 1201.17 (hourly 50-MA), above prices could rise to 1205.60. On the other hand, a break below 1195.6 could drive the prices lower to 1190.00 levels.