24 Mar 2015
Gold rises for the fifth consecutive session
FXStreet (Mumbai) - Gold prices advanced on Tuesday for the fifth consecutive session, tracking the weakness in the US dollar. Prices hit a session high of USD 1195.3/Oz levels ahead of the US session.
Gold: Prices gained more than 4% in five sessions
The metal has gained more than 4% from the low of USD 1145.6/Oz levels seen on March 18th, prior to the release of the surprisingly dovish Fed minutes. Moreover, the metal is largely tracking the movements in the EUR/USD pair, which also recovered from the low of 1.0578 to 1.10 levels during the same time period. The weakness in the USD index, since the last week’s dovish Fed is largely driven by the rebound in the EUR/USD and GBP/USD pair.
The metal could extend gains, if the US monthly inflation figures due for release today show further slump in the price pressures. In such a case, the USD could weaken further, thereby providing boost to the gold prices.
Gold Technical Levels
The metal currently trades at USD 1193/Oz. The immediate resistance is seen at 1200.00 and 1205.00 levels. On the other hand, a break below 1191.8 could push the metal down to 1185.6 levels.
Gold: Prices gained more than 4% in five sessions
The metal has gained more than 4% from the low of USD 1145.6/Oz levels seen on March 18th, prior to the release of the surprisingly dovish Fed minutes. Moreover, the metal is largely tracking the movements in the EUR/USD pair, which also recovered from the low of 1.0578 to 1.10 levels during the same time period. The weakness in the USD index, since the last week’s dovish Fed is largely driven by the rebound in the EUR/USD and GBP/USD pair.
The metal could extend gains, if the US monthly inflation figures due for release today show further slump in the price pressures. In such a case, the USD could weaken further, thereby providing boost to the gold prices.
Gold Technical Levels
The metal currently trades at USD 1193/Oz. The immediate resistance is seen at 1200.00 and 1205.00 levels. On the other hand, a break below 1191.8 could push the metal down to 1185.6 levels.