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26 Feb 2015
Gold relatively resilient to an upbeat US durable goods data
FXStreet (Mumbai) - Gold prices declined, although the hard currency has been relatively resilient to other major currencies, which fell sharply against the US dollar post the release of a better-than-expected US durable goods data.
Gold: Sustains above 100-DMA
The yellow metal declined from near USD 1220 levels, although losses have been capped just above the 100-DMA located at USD 1213.93. The losses were triggered by sharp recovery see in the US 10-year Treasury yield to 1.97% after the Durable goods orders printed-in at 2.8%, beating the estimate of 1.9%. However, the losses in the metal have been capped by the US CPI month-on-month in January, which fell 0.7%, beating the estimated fall of 0.6%. Furthermore, the initial jobless claims in the last week came-in at 313K, beating the estimate of 290K.
Gold Technical Levels
The metal has an immediate support at 1205.82 (5-DMA), under which it could fall to 1198.9. On the flip side, resistance is seen at 1219.6 and 1223.1 levels.
Gold: Sustains above 100-DMA
The yellow metal declined from near USD 1220 levels, although losses have been capped just above the 100-DMA located at USD 1213.93. The losses were triggered by sharp recovery see in the US 10-year Treasury yield to 1.97% after the Durable goods orders printed-in at 2.8%, beating the estimate of 1.9%. However, the losses in the metal have been capped by the US CPI month-on-month in January, which fell 0.7%, beating the estimated fall of 0.6%. Furthermore, the initial jobless claims in the last week came-in at 313K, beating the estimate of 290K.
Gold Technical Levels
The metal has an immediate support at 1205.82 (5-DMA), under which it could fall to 1198.9. On the flip side, resistance is seen at 1219.6 and 1223.1 levels.