13 Feb 2015
Gold hits session high
FXStreet (Mumbai) - Gold prices rose to a high of USD 1235.1/Oz after the data in the US showed February’s consumer confidence data slipped from 11-year highs set in January.
Gains capped at 50-DMA
Gold prices set a session high above the 50-DMA located at USD 1234.60, however, prices slipped lower to trade at USD 1232.7/Oz levels. The metal received rose from USD 1228 levels after February’s University of Michigan gauge of US consumer confidence came-in at 93.6, missing the estimate of 98.1. The USD index also extended weakness to trade 0.15% lower at 94.15 levels.
However, the gains in the yellow metal are being capped by strength in the US equities. At the time of writing, the DJIA traded 0.265 higher, while the S&P traded 0.20% higher.
Gold Technical Levels
The immediate resistance is seen at 1234.60 (50-DMA), above which gains could be extended to 1243.86 (200-DMA). On the flip side, a break below the daily low of 1229.66 (5-DMA) could push the pair down to the 100-DMA located at 1214.57 levels.
Gains capped at 50-DMA
Gold prices set a session high above the 50-DMA located at USD 1234.60, however, prices slipped lower to trade at USD 1232.7/Oz levels. The metal received rose from USD 1228 levels after February’s University of Michigan gauge of US consumer confidence came-in at 93.6, missing the estimate of 98.1. The USD index also extended weakness to trade 0.15% lower at 94.15 levels.
However, the gains in the yellow metal are being capped by strength in the US equities. At the time of writing, the DJIA traded 0.265 higher, while the S&P traded 0.20% higher.
Gold Technical Levels
The immediate resistance is seen at 1234.60 (50-DMA), above which gains could be extended to 1243.86 (200-DMA). On the flip side, a break below the daily low of 1229.66 (5-DMA) could push the pair down to the 100-DMA located at 1214.57 levels.