8 Apr 2015
Gold struggles for direction
FXStreet (Mumbai) - Gold prices trade lackluster around USD 1210/Oz levels, as the metal struggles for direction amid the absence of fresh fundamental triggers in the European session.
Gold: gains capped at 5-DMA
The metal clocked a high of USD 1212.2/Oz earlier today, although it failed to extend gains and dropped below its 5-DMA located at USD 1210.72. A sell-off in the US dollar in the early European session also failed to strengthen the yellow metal.
Moreover, the investors could be waiting on the sidelines ahead of the Fed minutes release later today. In the meantime, a mixed action in the European equities also fails to provide clear cues to the safe haven metal.
Gold Technical Levels
The immediate support is seen at 1202.65 (10-DMA), under which losses could be extended to 1195.60 (50-DMA). On the flip side, resistance is seen at 1210.72 (5-DMA), above which prices could rise to 1216.92 (200-DMA) levels.
Gold: gains capped at 5-DMA
The metal clocked a high of USD 1212.2/Oz earlier today, although it failed to extend gains and dropped below its 5-DMA located at USD 1210.72. A sell-off in the US dollar in the early European session also failed to strengthen the yellow metal.
Moreover, the investors could be waiting on the sidelines ahead of the Fed minutes release later today. In the meantime, a mixed action in the European equities also fails to provide clear cues to the safe haven metal.
Gold Technical Levels
The immediate support is seen at 1202.65 (10-DMA), under which losses could be extended to 1195.60 (50-DMA). On the flip side, resistance is seen at 1210.72 (5-DMA), above which prices could rise to 1216.92 (200-DMA) levels.