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3 Mar 2015
Gold struggles for direction amid thin US data docket
FXStreet (Mumbai) - Gold prices continue to trade dead flat around USD 1208/Oz levels as the metal lacks fresh fundamental trigger in the form of first tier US economic data.
Gold: lacks clear hints from other related markets
In the absence of the important economic data in Europe and US, the yellow metal is tracking the movement in US Treasury yields and major equity markets in Europe. The 10-year yield is trading dead flat as well at 2.086%, leading to an equally lackluster move in the USD index. Meanwhile, major European equity markets have gained moderately. The Germany’s Dax is up 0.28%, while London’s Ftse is up 0.19%. In the US, the S&P futures are down 0.06% to 2112.65.
The metal could see a rise in volatility of the related markets – Treasuries and Equities – post notable gains/losses during the US session.
Gold Technical Levels
The immediate resistance is seen at 1216.11 (100-DMA), above which gains could be extended to 1219.6. On the flip side, support is seen at 1199 and 1190 levels.
Gold: lacks clear hints from other related markets
In the absence of the important economic data in Europe and US, the yellow metal is tracking the movement in US Treasury yields and major equity markets in Europe. The 10-year yield is trading dead flat as well at 2.086%, leading to an equally lackluster move in the USD index. Meanwhile, major European equity markets have gained moderately. The Germany’s Dax is up 0.28%, while London’s Ftse is up 0.19%. In the US, the S&P futures are down 0.06% to 2112.65.
The metal could see a rise in volatility of the related markets – Treasuries and Equities – post notable gains/losses during the US session.
Gold Technical Levels
The immediate resistance is seen at 1216.11 (100-DMA), above which gains could be extended to 1219.6. On the flip side, support is seen at 1199 and 1190 levels.