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31 Mar 2015
Gold prices weaken in Asia
FXStreet (Mumbai) - Gold prices fell in Asia on Tuesday, tracking the strength in the US dollar against major currencies.
Strong USD weighs
Gold dipped to a low of USD 1179.9/Oz levels as the USD index strengthened 0.30% to 98.60 levels. However, the metal managed to recover part of its losses to trade at USD 1183.2/Oz on Greek concerns. Moreover, the Greece’s creditors kicked the plan submitted by the Greek government back to the officials as it lacked substance. Consequently, the EUR fell, while the safe haven assets like Gold and Treasuries saw a rise in value.
The metal could turn positive in case the European equity markets fall on Greek concerns and potentially weak German data.
Gold Technical Levels
The immediate resistance is seen at 1191.80 (10-DMA), above which gains could be extended to 1202.06 (50-DMA). On the flip side, support is seen at 1179.6 and 1170.6 levels.
Strong USD weighs
Gold dipped to a low of USD 1179.9/Oz levels as the USD index strengthened 0.30% to 98.60 levels. However, the metal managed to recover part of its losses to trade at USD 1183.2/Oz on Greek concerns. Moreover, the Greece’s creditors kicked the plan submitted by the Greek government back to the officials as it lacked substance. Consequently, the EUR fell, while the safe haven assets like Gold and Treasuries saw a rise in value.
The metal could turn positive in case the European equity markets fall on Greek concerns and potentially weak German data.
Gold Technical Levels
The immediate resistance is seen at 1191.80 (10-DMA), above which gains could be extended to 1202.06 (50-DMA). On the flip side, support is seen at 1179.6 and 1170.6 levels.