8 Apr 2015
Gold flattish near USD 1210, FOMC minutes awaited
FXStreet (Mumbai) - Gold prices on Comex recovered from lows and trades muted in Asia; despite broad USD weakness as higher Asian equities keep a lid on the upside in the yellow metal.
Gold capped by 100-DMA
Currently, gold trades flat at 1210.70 levels, having previously posted day’s high at 1211.20 and day’s low at 1207.90. Gold prices seem to trade in a narrow range consolidating previous losses and looks for fresh triggers ahead of FOMC minutes later today. Gold prices recovered losses mainly driven by a weaker US dollar across the board, correcting heaving gains witnessed in the previous session.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies slides -0.39% to 97.87 levels.
Moreover, softer Asian demand with the premium for physical gold on the Shanghai Gold Exchange was less than a dollar an ounce over the global spot benchmark also weighs on the gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1213.91 (100-DMA) and 1217.87 (200-DMA) levels. Meanwhile, support stands at 1207 levels below which doors could open for 1203.33 (10-DMA) levels.
Gold capped by 100-DMA
Currently, gold trades flat at 1210.70 levels, having previously posted day’s high at 1211.20 and day’s low at 1207.90. Gold prices seem to trade in a narrow range consolidating previous losses and looks for fresh triggers ahead of FOMC minutes later today. Gold prices recovered losses mainly driven by a weaker US dollar across the board, correcting heaving gains witnessed in the previous session.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies slides -0.39% to 97.87 levels.
Moreover, softer Asian demand with the premium for physical gold on the Shanghai Gold Exchange was less than a dollar an ounce over the global spot benchmark also weighs on the gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1213.91 (100-DMA) and 1217.87 (200-DMA) levels. Meanwhile, support stands at 1207 levels below which doors could open for 1203.33 (10-DMA) levels.