6 Apr 2015
Gold bounces-off fresh 5-week highs
FXStreet (Mumbai) - Gold prices retreat from fresh five week highs, although remains elevated after dismal US jobs data placed Fed’s rate-hike expectations on the back seat, driving the demand for gold as a higher yielding asset.
Gold back below 200-DMA
Currently, gold trades higher at 1217.80 levels, bouncing-off fresh five week highs at 1223.40 levels. Gold prices climbed higher sharply after bearish US non-farm payrolls report may prompt the Fed to delay its rate-hike decision pushed US treasury yields to fresh eight week lows boosting gold’s appeal as a better investment bet.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades flat at 96.90 levels.
Meanwhile, traders now focus US services PMI readings later today and Wednesday’s Fed’s March Meeting minutes release for fresh major impact on gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1218.86 (200-DMA) and 1225 levels. Meanwhile, support stands at 1214 (100-DMA) levels below which doors could open for 1210 levels.
Gold back below 200-DMA
Currently, gold trades higher at 1217.80 levels, bouncing-off fresh five week highs at 1223.40 levels. Gold prices climbed higher sharply after bearish US non-farm payrolls report may prompt the Fed to delay its rate-hike decision pushed US treasury yields to fresh eight week lows boosting gold’s appeal as a better investment bet.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades flat at 96.90 levels.
Meanwhile, traders now focus US services PMI readings later today and Wednesday’s Fed’s March Meeting minutes release for fresh major impact on gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1218.86 (200-DMA) and 1225 levels. Meanwhile, support stands at 1214 (100-DMA) levels below which doors could open for 1210 levels.