2 Dec 2014
Gold declines from five-week high
FXStreet (Mumbai) - Gold prices weakened after rising to a five-week high on Monday as the US Dollar weakened across the board along with a rebound in Crude prices.
Gold traded 1.05% lower at USD 1205.30/Oz levels at the time of writing, compared to the previous session’s close of USD 1218.10/Oz levels. Moreover, the 3.8% rise in Gold prices witnessed yesterday has been the most since Sept 2013. The metal rallied to a five-week high of USD 1221.43/Oz, from the three-week low of USD 1142.88/Oz levels.
However, the metal has come under pressure as the US dollar index gained strength, while Crude prices resumed the slide. The dollar index currently trades 0.17% higher at 88.18, while crude prices in the US are down by 0.6% at USD 68.54/barrel.
Gold Technical Levels
Gold has an immediate support located at 1200.00 (50-DMA), under which losses could be extended to 1190.00 levels. Meanwhile, resistance is seen at 1208.00 and 1221.00 levels.
Gold traded 1.05% lower at USD 1205.30/Oz levels at the time of writing, compared to the previous session’s close of USD 1218.10/Oz levels. Moreover, the 3.8% rise in Gold prices witnessed yesterday has been the most since Sept 2013. The metal rallied to a five-week high of USD 1221.43/Oz, from the three-week low of USD 1142.88/Oz levels.
However, the metal has come under pressure as the US dollar index gained strength, while Crude prices resumed the slide. The dollar index currently trades 0.17% higher at 88.18, while crude prices in the US are down by 0.6% at USD 68.54/barrel.
Gold Technical Levels
Gold has an immediate support located at 1200.00 (50-DMA), under which losses could be extended to 1190.00 levels. Meanwhile, resistance is seen at 1208.00 and 1221.00 levels.