25 Feb 2015
Gold: Gains capped at 100-DMA?
FXStreet (Mumbai) - Gold prices rose from the 5-DMA located at USD 1204.20/Oz levels, tracking the broad based weakness in the US dollar after a slightly dovish comments from Fed chairwoman Janet Yellen in her testimony to congress. The metal is trading closer to 100-DMA located at USD 1213.49.
Gold could decline on Draghi’s optimistic view on Eurozone economy
Gold prices, currently trading 1.10% at USD 1210.50/Oz, may erase gains if the European Central Bank (ECB) President Draghi chooses to focus on the upbeat economic data released off-late in his testimony to the European parliament.
An upbeat Chinese PMI data released earlier today has already triggered a minor recovery in the US Treasury yield and capped gains in the yellow metal. The 10-year yield in the US has recovered from the low of 1.972% seen in the previous session to trade at 1.99%. An upbeat view of the economy by Draghi later today could see the metal struggle to rise above the 100-DMA at USD 1213.49.
Gold Technical Levels
The immediate resistance is seen at 1213.49 (100-DMA) and 1219.6. On the other hand, support is seen at 1198.9 and 11903.3 levels.
Gold could decline on Draghi’s optimistic view on Eurozone economy
Gold prices, currently trading 1.10% at USD 1210.50/Oz, may erase gains if the European Central Bank (ECB) President Draghi chooses to focus on the upbeat economic data released off-late in his testimony to the European parliament.
An upbeat Chinese PMI data released earlier today has already triggered a minor recovery in the US Treasury yield and capped gains in the yellow metal. The 10-year yield in the US has recovered from the low of 1.972% seen in the previous session to trade at 1.99%. An upbeat view of the economy by Draghi later today could see the metal struggle to rise above the 100-DMA at USD 1213.49.
Gold Technical Levels
The immediate resistance is seen at 1213.49 (100-DMA) and 1219.6. On the other hand, support is seen at 1198.9 and 11903.3 levels.