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23 Feb 2015
Gold tanks above 1% amid stronger USD
FXStreet (Mumbai) - Gold prices on Comex recovered fell to fresh seven week lows in the mid-European session largely on the back of a strengthening US dollar, underpinned by Yellen's upcoming speech due tomorrow.
Gold falls from 1197 levels
Currently, gold trades lower by 1% at 1192.70 levels, having dropped to fresh seven week lows at 1190.70 levels some time ago. Gold prices fell further amid higher equities as the metal's safe-haven appeal easing given the euro zone-Greece deal late on Friday as investors moved their investments to riskier assets.
Moreover, a broadly stronger US dollar also weighed on the yellow metals prices. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, rose 0.54% to fresh two week highs at 94.92 levels, putting a pressure on gold that usually loses its strength when the greenback gains.
Gold Technical Levels
The metal has an immediate resistance at 1204 and 1213.48 (100-DMA) levels. Meanwhile, support stands at 1190 levels below which doors could open for 1182 levels.
Gold falls from 1197 levels
Currently, gold trades lower by 1% at 1192.70 levels, having dropped to fresh seven week lows at 1190.70 levels some time ago. Gold prices fell further amid higher equities as the metal's safe-haven appeal easing given the euro zone-Greece deal late on Friday as investors moved their investments to riskier assets.
Moreover, a broadly stronger US dollar also weighed on the yellow metals prices. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, rose 0.54% to fresh two week highs at 94.92 levels, putting a pressure on gold that usually loses its strength when the greenback gains.
Gold Technical Levels
The metal has an immediate resistance at 1204 and 1213.48 (100-DMA) levels. Meanwhile, support stands at 1190 levels below which doors could open for 1182 levels.