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27 Apr 2015
Gold rises to USD 1200/Oz
FXStreet (Mumbai) - Gold prices pushed through multiple technical resistance levels to hit an intraday high of USD 1220.6/Oz after the slightly slower-than-expected US service sector data hit the wires.
Gold rises as USD erases gains
The slight decline in the service sector growth rate pushed the USD index back to its opening rate of 97.11. Consequently, the yellow metal pushed through the hourly 100-MA and 200-MA located at USD 1190.87 and USD 1195.51 levels.
Moreover, the metal begun its northwards journey from the low of USD 1178.5 earlier today after the rating agency downgrades Japan to ‘A’ citing fiscal concerns. Meanwhile, the gains in the US equities are capping at USD 1200 at the moment.
Gold Technical Levels
The metal currently trades at USD 1200/Oz, up 2.13% for the day. The immediate resistance is seen at 1204-1205, above which the metal could rise to 1210.00 levels. On the flip side, a failure to sustain above 1200 could push the metal back to 1194.82 (10-DMA).
Gold rises as USD erases gains
The slight decline in the service sector growth rate pushed the USD index back to its opening rate of 97.11. Consequently, the yellow metal pushed through the hourly 100-MA and 200-MA located at USD 1190.87 and USD 1195.51 levels.
Moreover, the metal begun its northwards journey from the low of USD 1178.5 earlier today after the rating agency downgrades Japan to ‘A’ citing fiscal concerns. Meanwhile, the gains in the US equities are capping at USD 1200 at the moment.
Gold Technical Levels
The metal currently trades at USD 1200/Oz, up 2.13% for the day. The immediate resistance is seen at 1204-1205, above which the metal could rise to 1210.00 levels. On the flip side, a failure to sustain above 1200 could push the metal back to 1194.82 (10-DMA).