30 Mar 2015
Gold begins the week on a weak note
FXStreet (Mumbai) - Gold prices weakened at the onset of the European session, after having failed to sustain above the 5-DMA in the early Asian session.
Strong USD weighs over Gold
The yellow metal came under pressure as the slight uptick in the Treasury yields helped strengthen the US dollar. The USD index recovered from the low of 97.59 to trade 0.18% higher at 97.79. Consequently, Gold prices weakened from a high of USD 1198.3 to trade 0.55% lower at USD 1194.10/Oz levels.
The metal finished higher for the second consecutive week, although it failed to sustain its gains above the USD 1200/Oz mark, largely due to the rebound in the USD witnessed last Thursday.
Gold Technical Levels
The immediate support is seen at 1191.47 (10-DMA), under which losses could be extended to 1182 levels. On the flip side, a break above 1196.97 (hourly 100-MA) could drive the prices higher to 1201.10 (hourly 50-MA).
Strong USD weighs over Gold
The yellow metal came under pressure as the slight uptick in the Treasury yields helped strengthen the US dollar. The USD index recovered from the low of 97.59 to trade 0.18% higher at 97.79. Consequently, Gold prices weakened from a high of USD 1198.3 to trade 0.55% lower at USD 1194.10/Oz levels.
The metal finished higher for the second consecutive week, although it failed to sustain its gains above the USD 1200/Oz mark, largely due to the rebound in the USD witnessed last Thursday.
Gold Technical Levels
The immediate support is seen at 1191.47 (10-DMA), under which losses could be extended to 1182 levels. On the flip side, a break above 1196.97 (hourly 100-MA) could drive the prices higher to 1201.10 (hourly 50-MA).