5 Mar 2015
Gold falls to fresh lows below USD 1200
FXStreet (Mumbai) - Gold prices on Comex trades below USD 1200 psychological levels during the European session, stuck in a tight range as a stronger greenback weighed on the precious metal's price ahead of Friday's US jobs report.
Gold back below USD 1200
Currently, gold trades -0.17% lower at 1199.30 levels, close to fresh session lows at 1198.90 levels posted some time ago. Gold prices gave back earlier gains and fell in red as the US 10-year treasury yields rebounded from lows and trades higher by 0.24% at 2.126%, dulling gold’s appeal as an alternative investment asset.
Moreover, a firmer US dollar also continues to limit the upside in gold prices.
The US dollar index firmed today, making dollar-priced commodities such as gold less attractive for traders buying in foreign currencies. The index was up 0.27% to 96.24 at the time of writing.
Meanwhile, gold prices are expected to remain cautious with traders awaiting Friday's non-farm payrolls report to change their direction.
Gold Technical Levels
The metal has an immediate resistance at 1205.26 (5-DMA) and 1210 (20-DMA) levels. Meanwhile, support stands at 1195 levels below which doors could open for 1182 levels.
Gold back below USD 1200
Currently, gold trades -0.17% lower at 1199.30 levels, close to fresh session lows at 1198.90 levels posted some time ago. Gold prices gave back earlier gains and fell in red as the US 10-year treasury yields rebounded from lows and trades higher by 0.24% at 2.126%, dulling gold’s appeal as an alternative investment asset.
Moreover, a firmer US dollar also continues to limit the upside in gold prices.
The US dollar index firmed today, making dollar-priced commodities such as gold less attractive for traders buying in foreign currencies. The index was up 0.27% to 96.24 at the time of writing.
Meanwhile, gold prices are expected to remain cautious with traders awaiting Friday's non-farm payrolls report to change their direction.
Gold Technical Levels
The metal has an immediate resistance at 1205.26 (5-DMA) and 1210 (20-DMA) levels. Meanwhile, support stands at 1195 levels below which doors could open for 1182 levels.