24 Mar 2015
Gold declines on strong US data
FXStreet (Mumbai) - Gold prices fell into losses after the release of a back-to-back better than expected data in the US.
Strong USD weighs over Gold
Gold prices came under pressure as the US dollar made a comeback on strong economic data. The initial trigger came in the form of a rebound in the US inflation, followed by an upbeat Markit US PMI manufacturing data and a better-than-expected US New home sales data.
The USD index now trades at 97.48, after having recovered from the low of 96.58 levels. Consequently, Gold declined from the high of USD 1195.3/Oz to trade at the current price of USD 1189.5/Oz levels.
Gold Technical Levels
The immediate resistance is seen at at the daily high at 1189.5, above which gains could be extended to 1200.00 levels. On the flip side, a break below 1185.6, could see the metal test the next support located at 1181.3 levels.
Strong USD weighs over Gold
Gold prices came under pressure as the US dollar made a comeback on strong economic data. The initial trigger came in the form of a rebound in the US inflation, followed by an upbeat Markit US PMI manufacturing data and a better-than-expected US New home sales data.
The USD index now trades at 97.48, after having recovered from the low of 96.58 levels. Consequently, Gold declined from the high of USD 1195.3/Oz to trade at the current price of USD 1189.5/Oz levels.
Gold Technical Levels
The immediate resistance is seen at at the daily high at 1189.5, above which gains could be extended to 1200.00 levels. On the flip side, a break below 1185.6, could see the metal test the next support located at 1181.3 levels.