26 Mar 2015
Gold trades above 100-MA
FXStreet (Mumbai) - Gold prices extended gains to trade above the 100-MA currently located at USD 1214.97 as the US dollar weakened across the board, while the European equities weakened.
Gold gains as European markets fall
The yellow metal saw a fresh wave of buying as the major European indices opened sharply lower. The Germany’s Dax is down 1.66%, while the London’s Ftse is down 0.30%. The sharp weakness in the equity markets has pushed the safe haven metal higher. Meanwhile, the US dollar is also being sold across the board, which further bolstered Gold.
Gold Technical Levels
At the moment, the metal is trading at USD 1217.3/Oz. The immediate support is seen at 1209.18 (50-DMA) and 1200.00 levels. On the other hand, resistance is seen at 1222.79 (200-DMA) and 1229 (Feb. 16 high).
Gold gains as European markets fall
The yellow metal saw a fresh wave of buying as the major European indices opened sharply lower. The Germany’s Dax is down 1.66%, while the London’s Ftse is down 0.30%. The sharp weakness in the equity markets has pushed the safe haven metal higher. Meanwhile, the US dollar is also being sold across the board, which further bolstered Gold.
Gold Technical Levels
At the moment, the metal is trading at USD 1217.3/Oz. The immediate support is seen at 1209.18 (50-DMA) and 1200.00 levels. On the other hand, resistance is seen at 1222.79 (200-DMA) and 1229 (Feb. 16 high).