26 Mar 2015
Gold pares gains, nears USD 1200 mark
FXStreet (Mumbai) - Gold prices pared gains to trade closer to the USD 1200 mark after the drop in the US weekly jobless claims pushed the US Dollar higher against major currencies.
Gold: Will fall below USD 1200/Oz
The metal currently trades at USD 1202.9/Oz, after having declined steadily from the high of USD 1219.3 set earlier today. The metal could extend the drop below USD 1200/Oz in case the Markit US services PMI surprises markets to the upside. Meanwhile, a recovery in the US stock markets can also weigh over the safe haven metal.
On the other hand, a weak US services PMI print could help the yellow metal sustain above USD 1200.00/Oz levels.
Gold Technical Levels
A break below the immediate support at USD 1200 could push the prices lower to 1193.36 (5-DMA). On the flip side, resistance is seen at 1214.83 (100-DMA) and 1222.72 (200-DMA).
Gold: Will fall below USD 1200/Oz
The metal currently trades at USD 1202.9/Oz, after having declined steadily from the high of USD 1219.3 set earlier today. The metal could extend the drop below USD 1200/Oz in case the Markit US services PMI surprises markets to the upside. Meanwhile, a recovery in the US stock markets can also weigh over the safe haven metal.
On the other hand, a weak US services PMI print could help the yellow metal sustain above USD 1200.00/Oz levels.
Gold Technical Levels
A break below the immediate support at USD 1200 could push the prices lower to 1193.36 (5-DMA). On the flip side, resistance is seen at 1214.83 (100-DMA) and 1222.72 (200-DMA).