5 Mar 2015
Could Gold extend losses below USD 1200/Oz?
FXStreet (Mumbai) - Gold prices once again hover near USD 1998-1200/Oz levels after having faced rejection earlier today at the 5-DMA located at USD 1205.70.
Gold: Sharp losses below USD 1200/Oz?
The metal has managed repeatedly to cap its losses anywhere between USD 1990-1998 since 18th February. Since then, prices have set multiple daily lows in the range of USD 1990-1998. However, the New York closing has been above the 61.8% Fib retracement (1307.3-1131.9) located at USD 1199.00.
A similar action is being witnessed today, as the metal is struggling to extend losses below USD 1200/Oz levels. Moreover, the metal could drop sharply if the US labor department releases a stellar jobs report tomorrow, which shall cement the June rate hike expectations.
Gold Technical Levels
The immediate resistance is seen at 1205.7, above which gains could be extended to 1216.64 levels. On the flip side, a break below 1199 could push the pair down to 1190 levels.
Gold: Sharp losses below USD 1200/Oz?
The metal has managed repeatedly to cap its losses anywhere between USD 1990-1998 since 18th February. Since then, prices have set multiple daily lows in the range of USD 1990-1998. However, the New York closing has been above the 61.8% Fib retracement (1307.3-1131.9) located at USD 1199.00.
A similar action is being witnessed today, as the metal is struggling to extend losses below USD 1200/Oz levels. Moreover, the metal could drop sharply if the US labor department releases a stellar jobs report tomorrow, which shall cement the June rate hike expectations.
Gold Technical Levels
The immediate resistance is seen at 1205.7, above which gains could be extended to 1216.64 levels. On the flip side, a break below 1199 could push the pair down to 1190 levels.