27 Feb 2015
Gold trades flat
FXStreet (Mumbai) - Gold prices trade largely unchanged at USD 1209.20/Oz levels, after having ended the previous session with moderate gains.
Strong USD weighs on Gold
The sharp rally in the US dollar post the release of a sticky US core inflation data and upbeat durable goods orders data in the previous session saw Gold fall from a high of USD 1219.9 to USD 1210.1 levels. Though the USD was slightly weak in the Asian session, it is making a comeback as we move into the European opening bell. Consequently, Gold erased minor gains as it fell from an intraday high of USD 1211.6 to trade at USD 1209.2.
Gold Technical Levels
The metal has an immediate resistance at 1206.6 (10-DMA), under which losses could be extended to 1200.00 levels. On the flip side, a break above 1214.32 (100-DMA), could push the pair higher to 1219.6.
Strong USD weighs on Gold
The sharp rally in the US dollar post the release of a sticky US core inflation data and upbeat durable goods orders data in the previous session saw Gold fall from a high of USD 1219.9 to USD 1210.1 levels. Though the USD was slightly weak in the Asian session, it is making a comeback as we move into the European opening bell. Consequently, Gold erased minor gains as it fell from an intraday high of USD 1211.6 to trade at USD 1209.2.
Gold Technical Levels
The metal has an immediate resistance at 1206.6 (10-DMA), under which losses could be extended to 1200.00 levels. On the flip side, a break above 1214.32 (100-DMA), could push the pair higher to 1219.6.