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27 Mar 2015
Gold hits session low below USD 1200/Oz
FXStreet (Mumbai) - Gold prices extended losses below USD 1200/Oz levels, to hit a fresh session low of USD 1192.5/Oz levels.
Trades below hourly 100-MA
The metal currently trades below the hourly 100-MA located at USD 1195.64. The moderate gains seen in the US equity markets pushed the yellow metal lower. However, the metal is being supported to some extent by the weakness in the Treasury yields.
Investors now look at Michigan consumer sentiment index and Fed chairwoman Yellen’s comments for further cues. The metal could extend losses further in case Yellen comes out hawkish and drives the USD higher.
Gold Technical Levels
The immediate resistance is seen at 1201.5 (hourly 50-MA), above which gains could be extended to 1205.60. On the flip side, support is seen at 1192.5 and 1186.6 levels.
Trades below hourly 100-MA
The metal currently trades below the hourly 100-MA located at USD 1195.64. The moderate gains seen in the US equity markets pushed the yellow metal lower. However, the metal is being supported to some extent by the weakness in the Treasury yields.
Investors now look at Michigan consumer sentiment index and Fed chairwoman Yellen’s comments for further cues. The metal could extend losses further in case Yellen comes out hawkish and drives the USD higher.
Gold Technical Levels
The immediate resistance is seen at 1201.5 (hourly 50-MA), above which gains could be extended to 1205.60. On the flip side, support is seen at 1192.5 and 1186.6 levels.