5 Mar 2015
Gold stuck in a range
FXStreet (Mumbai) - Gold prices are being restricted in the range of USD 1200 to USD 1205 by the strong US dollar and concerns of a slowdown in China after the country set a GDP target of 7% for 2015; down from 7.5% in 2014.
Gains capped at 5-DMA
The metal saw its gains capped at the 5-DMA located at USD 1205.7 earlier today as the USD index extended gains on a renewed sell-off in the EUR/USD and GBP/USD pair. China, world’s second largest economy, set a lower GDP target for 2015, which helped the yellow metal sustain above USD 1200 levels.
The metal may drop below the USD 1200 mark, if the European equities begin the day on a positive note.
Gold Technical Levels
The immediate resistance is seen at 1205.7, above which gains could be extended to 1216.64 levels. On the flip side, a break below 1199.1 could push the pair down to 1190 levels.
Gains capped at 5-DMA
The metal saw its gains capped at the 5-DMA located at USD 1205.7 earlier today as the USD index extended gains on a renewed sell-off in the EUR/USD and GBP/USD pair. China, world’s second largest economy, set a lower GDP target for 2015, which helped the yellow metal sustain above USD 1200 levels.
The metal may drop below the USD 1200 mark, if the European equities begin the day on a positive note.
Gold Technical Levels
The immediate resistance is seen at 1205.7, above which gains could be extended to 1216.64 levels. On the flip side, a break below 1199.1 could push the pair down to 1190 levels.