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2 Apr 2015
Gold steadies above USD 1200/Oz
FXStreet (Mumbai) - Gold prices are trading steady around USD 1203/Oz levels, after having shot above the USD 1200/mark in the previous session on the back of a weaker-than-expected US data.
Supported by weak USD index
Prices are being supported by a 0.23% decline seen in the USD index today. The USD came under pressure after the ADP private sector employment report released on Wednesday for March missed expectations by a wide margin. The ISM manufacturing PMI also missed the estimates, leading to a broad based weakness in the USD.
In the meantime, the uptick in the major European equity futures could be capping gains in the yellow metal. The EuroStoxx futures are up 0.20% in the early European Trading. Dax futures and Cac futures are up 0.2% each. With no major data due out of Europe today, the metal may not see much action.
Gold Technical Levels
At the moment, the metal is trading at USD 1203.40/Oz. The immediate resistance is seen at 1208.6, above which gains could be extended to 1214.67 (100-DMA). On the flip side, a break below 1199.50 (50-DMA) could drive the prices lower to 1194.74 (5-DMA).
Supported by weak USD index
Prices are being supported by a 0.23% decline seen in the USD index today. The USD came under pressure after the ADP private sector employment report released on Wednesday for March missed expectations by a wide margin. The ISM manufacturing PMI also missed the estimates, leading to a broad based weakness in the USD.
In the meantime, the uptick in the major European equity futures could be capping gains in the yellow metal. The EuroStoxx futures are up 0.20% in the early European Trading. Dax futures and Cac futures are up 0.2% each. With no major data due out of Europe today, the metal may not see much action.
Gold Technical Levels
At the moment, the metal is trading at USD 1203.40/Oz. The immediate resistance is seen at 1208.6, above which gains could be extended to 1214.67 (100-DMA). On the flip side, a break below 1199.50 (50-DMA) could drive the prices lower to 1194.74 (5-DMA).