24 Mar 2015
Gold retreats from fresh 3-week highs
FXStreet (Mumbai) - Gold prices on Comex retreated from fresh three week highs and remained slightly weak ahead of Europe open on profit-taking ahead of the upcoming US CPI report.
Gold supported above 5-DMA
Currently, gold trades lower by -0.10% at 1186.30 levels, bouncing-off highs previously posted at 1189.50. Gold prices erased previous gains and edged lower mainly driven by profit booking on gold long positions after the solid gains seen in the last session after the greenback weakened on all fronts after dismal US housing data.
Moreover, gold prices are likely to remain supported above 5-DMA located at 1082.64 levels as traders now widely expect a delay interest rate hike until at least September which is likely to boost demand for the yellow metal as an higher yielding asset.
Meanwhile, Traders will be eyeing US CPI data and more comments from Fed officials this week for clues about the economy and the US central bank's monetary policy which may have major impacts on gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1191 and 1200 levels. Meanwhile, support stands at 1182.64 (5-DMA) levels below which doors could open for 1176 levels.
Gold supported above 5-DMA
Currently, gold trades lower by -0.10% at 1186.30 levels, bouncing-off highs previously posted at 1189.50. Gold prices erased previous gains and edged lower mainly driven by profit booking on gold long positions after the solid gains seen in the last session after the greenback weakened on all fronts after dismal US housing data.
Moreover, gold prices are likely to remain supported above 5-DMA located at 1082.64 levels as traders now widely expect a delay interest rate hike until at least September which is likely to boost demand for the yellow metal as an higher yielding asset.
Meanwhile, Traders will be eyeing US CPI data and more comments from Fed officials this week for clues about the economy and the US central bank's monetary policy which may have major impacts on gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1191 and 1200 levels. Meanwhile, support stands at 1182.64 (5-DMA) levels below which doors could open for 1176 levels.