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10 Apr 2015
Gold recovers to USD 1195.50
FXStreet (Mumbai) - Gold prices on Comex edged moderately higher in Asia, halting its 3-day slide, as the yellow gained support from a mild retreat in the greenback after the recent rally to fresh three week highs.
Gold holds above 50-DMA
Currently, gold trades higher by 0.16% at 1195.60 levels, having previously posted day’s high at 1196.40 and day’s low at 1193. Gold prices remains near one-week lows although supported above 50-DMA located at 1193 levels as the US dollar took a breather in its upsurge largely on profit-taking following the upbeat US jobs data.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades lower by -0.12 to 99.13 levels.
However, the upside in gold prices remain capped as holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, fell to 733.06 tonnes on Tuesday, the lowest level since January 16 which indicates lack of investors’ confidence in the yellow metal.
Gold Technical Levels
The metal has an immediate resistance at 1198 and 1201.67 (10-DMA) levels. Meanwhile, support stands at 1193 (50-DMA) levels below which doors could open for 1190 levels.
Gold holds above 50-DMA
Currently, gold trades higher by 0.16% at 1195.60 levels, having previously posted day’s high at 1196.40 and day’s low at 1193. Gold prices remains near one-week lows although supported above 50-DMA located at 1193 levels as the US dollar took a breather in its upsurge largely on profit-taking following the upbeat US jobs data.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades lower by -0.12 to 99.13 levels.
However, the upside in gold prices remain capped as holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, fell to 733.06 tonnes on Tuesday, the lowest level since January 16 which indicates lack of investors’ confidence in the yellow metal.
Gold Technical Levels
The metal has an immediate resistance at 1198 and 1201.67 (10-DMA) levels. Meanwhile, support stands at 1193 (50-DMA) levels below which doors could open for 1190 levels.