28 Apr 2015
Gold clings to $1200
FXStreet (Mumbai) - Gold prices on Comex erased gains and slipped back in during the mid-European session as the traders extends their profit-taking spree despite renewed selling witnessed in the US dollar as markets prepare for the Fed 2-day policy meeting starting later today.
Gold drops from $ 1203
Currently, gold trades -0.19% lower at 1200.90 levels, having posted day’s high at 1203.10. Gold prices edged lower this session mainly as traders preferred to unwind their gold longs after the recent upsurge as markets remain cautious ahead of Fed decision due out on Wednesday.
Meanwhile, gold prices once again fell in to losses as the longer duration as well shorter duration yields on the US treasuries turned green which dulled the appeal of gold as a higher yielding asset.
Gold Technical Levels
The metal has an immediate resistance at 1205 and 1208 levels. Meanwhile, support stands at 1194 levels below which doors could open for 1190 levels.
Gold drops from $ 1203
Currently, gold trades -0.19% lower at 1200.90 levels, having posted day’s high at 1203.10. Gold prices edged lower this session mainly as traders preferred to unwind their gold longs after the recent upsurge as markets remain cautious ahead of Fed decision due out on Wednesday.
Meanwhile, gold prices once again fell in to losses as the longer duration as well shorter duration yields on the US treasuries turned green which dulled the appeal of gold as a higher yielding asset.
Gold Technical Levels
The metal has an immediate resistance at 1205 and 1208 levels. Meanwhile, support stands at 1194 levels below which doors could open for 1190 levels.