17 Mar 2015
Gold drops to USD 1150/Oz
FXStreet (Mumbai) - Gold prices weakened to trade at USD 1150/Oz levels on the back of an upbeat economic data out of the Eurozone and the US.
Gold: Still stuck in the range
Overall, the metal is hovering largely in the range of USD 1165-1147 since the last few sessions. Prices had little reason to rally today after the German Zew survey beat the estimates, while the Eurozone core inflation ticked up in February. Meanwhile, the sharp fall in the housing starts in the US failed to strengthen the yellow metal, a rise in the building permits meant the construction would recover in the days ahead.
Furthermore, the positive action in the major European equity markets also weighed over Gold. The metal could extend the drop if the US equities begin the day on a positive note.
Gold Technical Levels
The immediate support is seen at 1147, under which prices could drop to 1142.4. On the flip side, resistance is seen at 1154 (5-DMA) and 1159.19 (10-DMA).
Gold: Still stuck in the range
Overall, the metal is hovering largely in the range of USD 1165-1147 since the last few sessions. Prices had little reason to rally today after the German Zew survey beat the estimates, while the Eurozone core inflation ticked up in February. Meanwhile, the sharp fall in the housing starts in the US failed to strengthen the yellow metal, a rise in the building permits meant the construction would recover in the days ahead.
Furthermore, the positive action in the major European equity markets also weighed over Gold. The metal could extend the drop if the US equities begin the day on a positive note.
Gold Technical Levels
The immediate support is seen at 1147, under which prices could drop to 1142.4. On the flip side, resistance is seen at 1154 (5-DMA) and 1159.19 (10-DMA).