9 Mar 2015
Gold erases gains as US stocks rise
FXStreet (Mumbai) - Gold prices erased part of their gains as the stock markets in the US inched higher in the early session. The major US indices are trading moderately higher.
Gold: Doji Candle on daily charts
The metal is currently trading almost near its opening price of USD 1169.6 after having declined from the day’s high of USD 1175.00. The losses were capped earlier at a low of USD 1167.4. Consequently, the metal has formed a Doji candle on the daily charts, which indicates indecisiveness regarding the direction of prices in the markets.
The metal could extend losses further if the US equity markets continue to extend gains. On the other the metal could rise back to USD 1175 levels if the US equities erase gains and fall into losses.
Gold Technical Levels
The immediate support is seen at 1163.7, under which losses could be extended to 1160.7 (Oct. 31 low). On the flip side, resistance is seen at 1182.36 (5-DMA), above which gains could be extended to 1193.00 levels.
Gold: Doji Candle on daily charts
The metal is currently trading almost near its opening price of USD 1169.6 after having declined from the day’s high of USD 1175.00. The losses were capped earlier at a low of USD 1167.4. Consequently, the metal has formed a Doji candle on the daily charts, which indicates indecisiveness regarding the direction of prices in the markets.
The metal could extend losses further if the US equity markets continue to extend gains. On the other the metal could rise back to USD 1175 levels if the US equities erase gains and fall into losses.
Gold Technical Levels
The immediate support is seen at 1163.7, under which losses could be extended to 1160.7 (Oct. 31 low). On the flip side, resistance is seen at 1182.36 (5-DMA), above which gains could be extended to 1193.00 levels.