30 Apr 2015
Gold consolidates in Asia, near $ 1204
FXStreet (Mumbai) - Gold prices on Comex keeps losses in the mid-Asian session and remains near the psychological 1200 levels, as the traders continue to evaluate the implications of the latest FOMC statement which removed any calendar guidance to an anticipated rate hike.
Gold trades in a narrow range
Currently, gold trades -0.49% lower at 1204.10 levels, having recovered from 1200.70 lows reached shortly after FOMC decision. Gold prices lost ground and fell deep in to losses after FOMC statement kept its rate hike stance, however stated that the Fed’s decision would be data-dependent amid soft macro updates during the latest quarter.
The dollar index also recovered partial losses and now trades muted at 95.30, having previous posted fresh monthly lows at 94.75 before the Fed outcome.
Moreover, tumbling Asian equities also failed to provide any respite to the gold prices while Asian demand has also dampened with Chinese premiums eased amid soft macro updates during the latest quarter.
However, the direction in gold prices still remains unclear as the yellow metal once again retraced to crucial 1200 support.
Gold Technical Levels
The metal has an immediate resistance at 1210 and 1215 levels. Meanwhile, support stands at 1200 below which doors could open for 1194 levels.
Gold trades in a narrow range
Currently, gold trades -0.49% lower at 1204.10 levels, having recovered from 1200.70 lows reached shortly after FOMC decision. Gold prices lost ground and fell deep in to losses after FOMC statement kept its rate hike stance, however stated that the Fed’s decision would be data-dependent amid soft macro updates during the latest quarter.
The dollar index also recovered partial losses and now trades muted at 95.30, having previous posted fresh monthly lows at 94.75 before the Fed outcome.
Moreover, tumbling Asian equities also failed to provide any respite to the gold prices while Asian demand has also dampened with Chinese premiums eased amid soft macro updates during the latest quarter.
However, the direction in gold prices still remains unclear as the yellow metal once again retraced to crucial 1200 support.
Gold Technical Levels
The metal has an immediate resistance at 1210 and 1215 levels. Meanwhile, support stands at 1200 below which doors could open for 1194 levels.