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2 Jun 2015
Gold sees moderate gains amid USD sell-off
FXStreet (Mumbai) - Gold prices strengthened moderately as the USD enters the US session as one of the weakest major currencies along with the Japanese Yen.
Gains capped by rate outlook
The metal trades at USD 1191.8/Oz, up 0.28% higher on the day. However, the investors appear hesitant to push the metal higher despite the weakness in the USD index as the upbeat manufacturing data in the US released in the previous session have boosted the speculation of a rate hike in the US.
Moreover, the investors prefer to stay on the sidelines ahead of the US non-farm payrolls data for May.
Gold Technical Levels
The immediate resistance is located at 1198.5 (50-DMA), above which gains could be extended to 1205 levels. On the flip side, a break below 1185.6 could push the prices lower to 1179.9.
Gains capped by rate outlook
The metal trades at USD 1191.8/Oz, up 0.28% higher on the day. However, the investors appear hesitant to push the metal higher despite the weakness in the USD index as the upbeat manufacturing data in the US released in the previous session have boosted the speculation of a rate hike in the US.
Moreover, the investors prefer to stay on the sidelines ahead of the US non-farm payrolls data for May.
Gold Technical Levels
The immediate resistance is located at 1198.5 (50-DMA), above which gains could be extended to 1205 levels. On the flip side, a break below 1185.6 could push the prices lower to 1179.9.