10 Mar 2015
Gold hits fresh 3-month lows
FXStreet (Mumbai) - Gold prices on Comex extends its downward momentum in the Asian session , hitting a new three month low at 1158.90 levels, as the greenback rallied to fresh twelve year peak across the board.
Gold hovers near fresh lows
Currently, gold trades -0.51% lower at 1160.60 levels, bouncing-off fresh three month lows levels. Gold prices continued weakness as expectations of a sooner than expected rate-hike fanned the USD rally to fresh multi-year highs, which weigh on gold prices. Increased bets of mid-year Fed hike back on the table, dent demand for non-interest-bearing yellow metal, dragging its prices lower.
Moreover, in signs of lack of investors’ confidence in gold, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.43% to 753.04 tonnes on Monday - their lowest in more than a month.
Gold Technical Levels
The metal has an immediate resistance at 1174 (hourly 20-DMA) and 1180 levels. Meanwhile, support stands at 1167.47 (Today’s low) levels below which doors could open for 1163 (March 6 Low) levels.
Gold hovers near fresh lows
Currently, gold trades -0.51% lower at 1160.60 levels, bouncing-off fresh three month lows levels. Gold prices continued weakness as expectations of a sooner than expected rate-hike fanned the USD rally to fresh multi-year highs, which weigh on gold prices. Increased bets of mid-year Fed hike back on the table, dent demand for non-interest-bearing yellow metal, dragging its prices lower.
Moreover, in signs of lack of investors’ confidence in gold, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.43% to 753.04 tonnes on Monday - their lowest in more than a month.
Gold Technical Levels
The metal has an immediate resistance at 1174 (hourly 20-DMA) and 1180 levels. Meanwhile, support stands at 1167.47 (Today’s low) levels below which doors could open for 1163 (March 6 Low) levels.