26 May 2015
Gold awaits US data
FXStreet (Mumbai) - Gold prices continue to trade near the session low of USD 1193.1/Oz levels ahead of the durable goods order report and services PMI reports in the US.
Gold trades below major averages
The losses suffered today on the back of a stronger US dollar has resulted in the metal trading well below its major moving average levels - USD 1199.84 (50-DMA), USD 1202.91 (100-DMA), and USD 1207.32 (200-DMA).
Further losses or a recovery in the prices is largely dependent on the nature of the US data due for release today. The durable goods orders are expected to have contracted 0.4% in April, while the services activity is expected to have maintained its pace of expansion in April.
Gold Technical Levels
The immediate resistance is located at 1200 (50-DMA), above which gains could be extended to 1207.32 (200-DMA). On the flip side, a break below 1192 could drive the metal lower to 1188.00.
Gold trades below major averages
The losses suffered today on the back of a stronger US dollar has resulted in the metal trading well below its major moving average levels - USD 1199.84 (50-DMA), USD 1202.91 (100-DMA), and USD 1207.32 (200-DMA).
Further losses or a recovery in the prices is largely dependent on the nature of the US data due for release today. The durable goods orders are expected to have contracted 0.4% in April, while the services activity is expected to have maintained its pace of expansion in April.
Gold Technical Levels
The immediate resistance is located at 1200 (50-DMA), above which gains could be extended to 1207.32 (200-DMA). On the flip side, a break below 1192 could drive the metal lower to 1188.00.