9 Mar 2015
Gold stuck at key Fibo level
FXStreet (Mumbai) - Gold prices are struggling to extend gains above 76.4% Fib retracement (1131.9-1307.3) located at USD 1173.3/Oz Levels.
Gold struggles as USD stabilizes
Gains in the yellow metal are being capped since the USD index recovered from the low of 97.31 to trade at 97.41 levels. The USD has stabilized after witnessing a largely technical driven correction at the onset of the European session.
Moreover, the stellar jobs report in the US released on Friday has triggered speculation that the Fed would drop the word "patience" from its forward guidance on interest rate hikes in its March meeting, thereby opening doors for a possible interest rate hike from April meeting. The increased speculation of interest rate hike could weaken yellow metal further.
Gold Technical Levels
The immediate resistance is seen at 1182.36 (5-DMA), above which gains could be extended to 1193.00 levels. On the flip side, support is seen at 1163.7, under which losses could be extended to 1160.7 (Oct. 31 low).
Gold struggles as USD stabilizes
Gains in the yellow metal are being capped since the USD index recovered from the low of 97.31 to trade at 97.41 levels. The USD has stabilized after witnessing a largely technical driven correction at the onset of the European session.
Moreover, the stellar jobs report in the US released on Friday has triggered speculation that the Fed would drop the word "patience" from its forward guidance on interest rate hikes in its March meeting, thereby opening doors for a possible interest rate hike from April meeting. The increased speculation of interest rate hike could weaken yellow metal further.
Gold Technical Levels
The immediate resistance is seen at 1182.36 (5-DMA), above which gains could be extended to 1193.00 levels. On the flip side, support is seen at 1163.7, under which losses could be extended to 1160.7 (Oct. 31 low).