29 Apr 2015
Gold trades at 200-DMA
FXStreet (Mumbai) - Gold prices retreated on Wednesday to trade at its 200-DMA located USD 1209.74/Oz after having tested its 100-DMA at USD 1215.49 on Tuesday.
Focus on Fed statement
The investors now await the Fed statement due for release later today. The markets have sold US dollars ahead of the event, sending Gold higher as investors believe the Fed would keep its decision to raise rates on hold till late 2015 or early 2016.
The first quarter US GDP reading, due later today, could also influence the yellow metal. The data is likely to show the US GDP slowed down to 1%, from the previous quarter’s 2.2%.
Gold Technical Levels
The immediate resistance is seen at 1215.49 (100-DMA0, above which the gains could be extended to 1219.4 (Mar. 26 high). On the flip side, a break below 200-DMA at 1209.74 could drive the prices lower to 1200.00.
Focus on Fed statement
The investors now await the Fed statement due for release later today. The markets have sold US dollars ahead of the event, sending Gold higher as investors believe the Fed would keep its decision to raise rates on hold till late 2015 or early 2016.
The first quarter US GDP reading, due later today, could also influence the yellow metal. The data is likely to show the US GDP slowed down to 1%, from the previous quarter’s 2.2%.
Gold Technical Levels
The immediate resistance is seen at 1215.49 (100-DMA0, above which the gains could be extended to 1219.4 (Mar. 26 high). On the flip side, a break below 200-DMA at 1209.74 could drive the prices lower to 1200.00.