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13 Apr 2015
Gold trades at USD 1200/Oz ahead of US session
FXStreet (Mumbai) - Gold prices are trading weak at USD 1200/Oz levels ahead of the US session despite renewed fears of Grexit and weaker-than-expected economic data in China.
Gold: What’s next?
The renewed concerns of Grexit and a weak China data is likely to keep the safe haven metal in demand. However, a stronger USD index, trading above 100.00, could continue to weigh over prices. Given, the lack of fresh fundamental triggers during the US session, investors would focus on Greece news and movement in the USD. It remains to be seen if the metal extends drop below USD 1200/Oz or extends gains above the same. The sentiment in the US equity markets could also influence the metal.
Gold Technical Levels
The immediate resistance is seen at 1209.20, above which prices could rise to 1215.22 (200-DMA). On the flip side, a failure to rise above 1200.00 could lead to a sell-off towards the 50-DMA located at 119.49.
Gold: What’s next?
The renewed concerns of Grexit and a weak China data is likely to keep the safe haven metal in demand. However, a stronger USD index, trading above 100.00, could continue to weigh over prices. Given, the lack of fresh fundamental triggers during the US session, investors would focus on Greece news and movement in the USD. It remains to be seen if the metal extends drop below USD 1200/Oz or extends gains above the same. The sentiment in the US equity markets could also influence the metal.
Gold Technical Levels
The immediate resistance is seen at 1209.20, above which prices could rise to 1215.22 (200-DMA). On the flip side, a failure to rise above 1200.00 could lead to a sell-off towards the 50-DMA located at 119.49.