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20 May 2015
Gold prices hover around 200-DMA
FXStreet (Mumbai) - Gold prices weakened slightly in the Asian session to trade at 200-DMA located at USD 1207.28/Oz as the strong US housing data released in the previous session.
Focus on Fed minutes
The investors now await minutes of the Fed’s April meeting minutes due for release later today. Prices suffered sharp losses in the previous session on the back of a strong US dollar. The ECB’s paln to front-load QE program failed to provide any respite to the yellow metal.
Meanwhile, in Asia today, the better-than-expected Japanese first quarter GDP further added to the bearish pressure on the yellow metal.
Gold Technical Levels
The immediate support is located at 1205.6, under which the metal could drop to 1199 (50-DMA). On the other hand, a break above 1208.99 (10-DMA) could see the price re-test 1215.1 (Apr. 28 high).
Focus on Fed minutes
The investors now await minutes of the Fed’s April meeting minutes due for release later today. Prices suffered sharp losses in the previous session on the back of a strong US dollar. The ECB’s paln to front-load QE program failed to provide any respite to the yellow metal.
Meanwhile, in Asia today, the better-than-expected Japanese first quarter GDP further added to the bearish pressure on the yellow metal.
Gold Technical Levels
The immediate support is located at 1205.6, under which the metal could drop to 1199 (50-DMA). On the other hand, a break above 1208.99 (10-DMA) could see the price re-test 1215.1 (Apr. 28 high).