8 Apr 2015
Gold inches lower ahead of FOMC minutes
FXStreet (Mumbai) - Gold prices declined ahead of the FOMC minutes, despite the weakness in the USD index. The metal was struggling for direction throughout the European session.
Rejected by 5-DMA
The metal could not rise above the 5-DMA located at USD 1210 throughout the European session, even though the USD was being sold across the board. The USD index currently trades 0.71% lower at 97.55 levels. Still, Gold prices edged 0.40% lower to USD 1205.80/Oz.
The mixed action in the major European equity markets also failed to provide clear cues to the safe haven metal. Moreover, at USD 1205.80/Oz, the metal has erased almost all of its post NFP gains seen on Monday.
Gold Technical Levels
The immediate resistance is located at 1205.80 (5-DMA), above which gains could be extended to 1217.6. On the flip side, a break below 1200.00, could see the prices drop to 50-DMA located at 1195.54.
Rejected by 5-DMA
The metal could not rise above the 5-DMA located at USD 1210 throughout the European session, even though the USD was being sold across the board. The USD index currently trades 0.71% lower at 97.55 levels. Still, Gold prices edged 0.40% lower to USD 1205.80/Oz.
The mixed action in the major European equity markets also failed to provide clear cues to the safe haven metal. Moreover, at USD 1205.80/Oz, the metal has erased almost all of its post NFP gains seen on Monday.
Gold Technical Levels
The immediate resistance is located at 1205.80 (5-DMA), above which gains could be extended to 1217.6. On the flip side, a break below 1200.00, could see the prices drop to 50-DMA located at 1195.54.