7 Apr 2015
Gold wavers ahead of the US session
FXStreet (Mumbai) - Gold prices recovered slightly from the daily lows ahead of the thin economic calendar in the US session.
Gold: Stuck at hourly 50-MA
Prices recovered from the low of USD 1207.6, although the momentum stalled around the hourly 50-MA located at USD 1213.21. The metal is likely to take cues from the movement in the US stock markets. The major index futures in the US are currently pointing to a flat opening. Moreover, the markets lack a fresh fundamental trigger in the US session.
Moves in the USD index, which currently trades 0.66% higher at 97.85, and the broader market sentiment is likely to influence Gold and other precious metals.
Gold Technical Levels
At the moment the pair is trading at USD 1210.40/Oz; down 0.66% for the day. The immediate resistance is seen at 1213.21 (hourly 50-MA), above which gains could be extended to 1218.8. On the flip side, a break below 1207.43 (hourly 100-MA), could drive the prices lower to 1200.11 (hourly 200-MA).
Gold: Stuck at hourly 50-MA
Prices recovered from the low of USD 1207.6, although the momentum stalled around the hourly 50-MA located at USD 1213.21. The metal is likely to take cues from the movement in the US stock markets. The major index futures in the US are currently pointing to a flat opening. Moreover, the markets lack a fresh fundamental trigger in the US session.
Moves in the USD index, which currently trades 0.66% higher at 97.85, and the broader market sentiment is likely to influence Gold and other precious metals.
Gold Technical Levels
At the moment the pair is trading at USD 1210.40/Oz; down 0.66% for the day. The immediate resistance is seen at 1213.21 (hourly 50-MA), above which gains could be extended to 1218.8. On the flip side, a break below 1207.43 (hourly 100-MA), could drive the prices lower to 1200.11 (hourly 200-MA).