26 May 2015
Gold drops to session low
FXStreet (Mumbai) - Gold prices printed a fresh session low of USD 1194.6/Oz levels as the bid tone on the USD persists amid an absence of a fresh macroeconomic data out of the Europe.
Gold awaits US data
The investors now await the US durable goods orders report for April due for release today. The data is expected to show the orders contracted 0.4% in April. Other than that, the USD index as well as Gold could also be influenced by the services PMI, New home sales report due today in the US.
In the meantime, the USD index would continue to guide the metal. Gold is down 0.81% for the day at USD 1195/Oz, while the USD index is up 0.64% at 97.08.
Gold Technical Levels
The immediate resistance is located at 1200 (50-DMA), above which gains could be extended to 1207.32 (200-DMA). On the flip side, a break below 1192 could drive the metal lower to 1188.00.
Gold awaits US data
The investors now await the US durable goods orders report for April due for release today. The data is expected to show the orders contracted 0.4% in April. Other than that, the USD index as well as Gold could also be influenced by the services PMI, New home sales report due today in the US.
In the meantime, the USD index would continue to guide the metal. Gold is down 0.81% for the day at USD 1195/Oz, while the USD index is up 0.64% at 97.08.
Gold Technical Levels
The immediate resistance is located at 1200 (50-DMA), above which gains could be extended to 1207.32 (200-DMA). On the flip side, a break below 1192 could drive the metal lower to 1188.00.