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10 Apr 2015
Gold back above 50-DMA
FXStreet (Mumbai) - Gold prices recovered early losses to trade above 50-DMA located at USD 1194.18/Oz, tracking moderate weakness in the US dollar index.
Four consecutive sessions of losses
The metal has suffered losses in the four consecutive sessions, falling more than 2% this week, after it topped out at USD 1224.4/Oz levels on Monday. The recovery in the US dollar post NFP weakness and FOMC minutes kept the yellow metal under pressure.
It remains to be seen if Gold is able to post gains today after four consecutive weeks of losses. Moreover, the data calendar out of Europe and US is thinner today, thus providing little scope for action.
Gold Technical Levels
The immediate resistance is seen at 1202.52 (10-DMA), above which gains could be extended to 1207.40. On the flip side, a break below 1194.17 (50-DMA), could drive the prices lower to 1185.00 levels.
Four consecutive sessions of losses
The metal has suffered losses in the four consecutive sessions, falling more than 2% this week, after it topped out at USD 1224.4/Oz levels on Monday. The recovery in the US dollar post NFP weakness and FOMC minutes kept the yellow metal under pressure.
It remains to be seen if Gold is able to post gains today after four consecutive weeks of losses. Moreover, the data calendar out of Europe and US is thinner today, thus providing little scope for action.
Gold Technical Levels
The immediate resistance is seen at 1202.52 (10-DMA), above which gains could be extended to 1207.40. On the flip side, a break below 1194.17 (50-DMA), could drive the prices lower to 1185.00 levels.