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4 Mar 2015
Gold erases gains
FXStreet (Mumbai) - Gold prices have erased modest gains seen in the Asian session after the major European equity markets begun the day on a positive note.
Gold rejected at 5-DMA as European equities rise
Gold prices weakened after the metal was rejected at the 5-DMA located at USD 1209. Prices also dipped below the 10-DMA seen at USD 1207.20 after the major European equity markets opened with gains. The Germany’s Dax currently trades 0.225 higher at 11,305.50, while the London’s Ftse is up 0.16% at 6900.00 levels. Meanwhile, the USD index is trading flat at 95.47 levels.
Gold Technical Levels
The metal now trades at USD 1204.5/Oz. The immediate resistance is seen at at 1209, above which prices could rise to 1216.37(100-DMA). On the flip side, support is seen at 1204 and 1194.9 levels.
Gold rejected at 5-DMA as European equities rise
Gold prices weakened after the metal was rejected at the 5-DMA located at USD 1209. Prices also dipped below the 10-DMA seen at USD 1207.20 after the major European equity markets opened with gains. The Germany’s Dax currently trades 0.225 higher at 11,305.50, while the London’s Ftse is up 0.16% at 6900.00 levels. Meanwhile, the USD index is trading flat at 95.47 levels.
Gold Technical Levels
The metal now trades at USD 1204.5/Oz. The immediate resistance is seen at at 1209, above which prices could rise to 1216.37(100-DMA). On the flip side, support is seen at 1204 and 1194.9 levels.