30 Mar 2015
Gold hits session low
FXStreet (Mumbai) - Gold extended losses to hit a fresh session low of USD 1186.9/Oz levels, as the major European equity markets rallied.
Risk-on mood hurts Gold
The risk-on rally in the equities is hurting the yellow metal. The German Dax and the London’s Ftse are up 1% and 0.52% respectively. Meanwhile, the USD index climbed above 98.00 levels; up 0.48% for the day. Consequently, gold prices suffered a double blow and fell to a low of USD 1186.9/Oz.
The metal could drop even further in case Greece’s reform list is accepted by its creditors today, which would unlock the next round of bailout funding.
Gold Technical Levels
The immediate support is seen at 1181.4, under which losses could be extended to 1174.4 levels. On the flip side, a break above 1190.90 (10-DMA) could drive the prices higher to 1196.97 (hourly 100-MA).
Risk-on mood hurts Gold
The risk-on rally in the equities is hurting the yellow metal. The German Dax and the London’s Ftse are up 1% and 0.52% respectively. Meanwhile, the USD index climbed above 98.00 levels; up 0.48% for the day. Consequently, gold prices suffered a double blow and fell to a low of USD 1186.9/Oz.
The metal could drop even further in case Greece’s reform list is accepted by its creditors today, which would unlock the next round of bailout funding.
Gold Technical Levels
The immediate support is seen at 1181.4, under which losses could be extended to 1174.4 levels. On the flip side, a break above 1190.90 (10-DMA) could drive the prices higher to 1196.97 (hourly 100-MA).