25 Mar 2015
Gold off 3-week highs around USD 1190
FXStreet (Mumbai) - Gold prices on Comex pared gains and remained weak during the late Asian session, as the gold bulls took a breather in its 5-day rally as traders turned to US dollar following upbeat macro data releases in the US last session.
Gold supported above 5-DMA
Currently, gold dropped -0.13% to 1189.50 levels, bouncing-off session lows previously posted at 1187.10. Gold slipped from fresh three week highs at 1194.50 and moved farther away as impressive US economic data offered supported to the US dollar, weighing on gold prices. Moreover, muted Asian equities amid a data light session failed to lift the demand for gold prices as a higher yielding asset.
Moreover, gold prices are likely to remain supported above 5-DMA located at 1087.82 levels and remain elevated on a subdued US dollar across the board.
Meanwhile, traders will be eyeing US consumer durables data with markets betting on stabilization in durable goods demand in February.
Gold Technical Levels
The metal has an immediate resistance at 1194 and 1200 levels. Meanwhile, support stands at 1187.82 (5-DMA) levels below which doors could open for 1184 levels.
Gold supported above 5-DMA
Currently, gold dropped -0.13% to 1189.50 levels, bouncing-off session lows previously posted at 1187.10. Gold slipped from fresh three week highs at 1194.50 and moved farther away as impressive US economic data offered supported to the US dollar, weighing on gold prices. Moreover, muted Asian equities amid a data light session failed to lift the demand for gold prices as a higher yielding asset.
Moreover, gold prices are likely to remain supported above 5-DMA located at 1087.82 levels and remain elevated on a subdued US dollar across the board.
Meanwhile, traders will be eyeing US consumer durables data with markets betting on stabilization in durable goods demand in February.
Gold Technical Levels
The metal has an immediate resistance at 1194 and 1200 levels. Meanwhile, support stands at 1187.82 (5-DMA) levels below which doors could open for 1184 levels.