20 Mar 2015
Gold trades flat
FXStreet (Mumbai) - Gold prices are trading flat ahead of the European session, after having recovered losses in the previous session on the back of the weakness in the US equity markets.
Weak European equities could support Gold
The major Asian equity markets are trading mixed, while the major European index futures are pointing to a flat to negative opening. The yellow metal could strengthen if the European markets turn risk averse. Apart from that, signs of weakness in the USD index could also support the metal.
Moreover, in the absence of a major market moving data, the yellow metal is likely to track movements in the equities and the US dollar index.
Gold Technical Levels
The immediate support is located at 1168.8, under which losses could be extended to 1164.20 (5-DMA). On the flip side, resistance is seen at 1177.8 and 1190.9 levels.
Weak European equities could support Gold
The major Asian equity markets are trading mixed, while the major European index futures are pointing to a flat to negative opening. The yellow metal could strengthen if the European markets turn risk averse. Apart from that, signs of weakness in the USD index could also support the metal.
Moreover, in the absence of a major market moving data, the yellow metal is likely to track movements in the equities and the US dollar index.
Gold Technical Levels
The immediate support is located at 1168.8, under which losses could be extended to 1164.20 (5-DMA). On the flip side, resistance is seen at 1177.8 and 1190.9 levels.