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14 Apr 2015
Gold wavers around USD 1200
FXStreet (Mumbai) - Gold prices on Comex trades around a flat line near 1200 levels in the Asian session, treading waters as markets monitor the renewed rally seen in the US dollar amid re-emergence of China slowdown worries capping the upside.
Gold bulls continue to struggle
Currently, gold trades modestly higher by 0.11% at 1200.60 levels, having previously posted day’s high at 1201.30 and day’s low at 1198.30. Gold prices continues to wobble around 1200 marker in a slim range, looking for fresh direction, as the yellow metal fails to receive support from decline treasury yields. Lower yields on treasuries boost gold demand as a higher yielding asset.
Meanwhile, the US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades flat at 99.77 levels.
In the previous session, gold prices tumbled almost USD 11 on bearish Chinese trade data which revealed that trade surplus shrank to the lowest levels in 13 months with exports having slumped worse than expected, dampening investors’ sentiments.
Gold Technical Levels
The metal has an immediate resistance at 1205.71 (5-DMA) and 1210 levels. Meanwhile, support stands at 1196 levels below which doors could open for 1192.25 (50-DMA) levels.
Gold bulls continue to struggle
Currently, gold trades modestly higher by 0.11% at 1200.60 levels, having previously posted day’s high at 1201.30 and day’s low at 1198.30. Gold prices continues to wobble around 1200 marker in a slim range, looking for fresh direction, as the yellow metal fails to receive support from decline treasury yields. Lower yields on treasuries boost gold demand as a higher yielding asset.
Meanwhile, the US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades flat at 99.77 levels.
In the previous session, gold prices tumbled almost USD 11 on bearish Chinese trade data which revealed that trade surplus shrank to the lowest levels in 13 months with exports having slumped worse than expected, dampening investors’ sentiments.
Gold Technical Levels
The metal has an immediate resistance at 1205.71 (5-DMA) and 1210 levels. Meanwhile, support stands at 1196 levels below which doors could open for 1192.25 (50-DMA) levels.