26 May 2015
Gold drops below USD 1200/Oz
FXStreet (Mumbai) - The broad based rally in the US dollar has finally pushed Gold below the USD 1200 mark. The metal was rejected at its 200-DMA at USD 1207 for three consecutive sessions.
Gold trades below 50-DMA
Stops have been triggered as the metal dipped below 1200 (50-DMA), thereby pushing the metal lower to USD 1197.4/Oz. The USD index now trades at 97.05; up 0.61% for the day.
Ahead in the day, the metal is likely to take cues from the US durable goods orders report, followed by Services PMI, consumer confidence and New home sales report.
Gold Technical Levels
The immediate support is seen at 1195.00, under which the metal could drop to 1188.00 levels. On the flip side, a break above 1200 (50-DMA) could see the prices re-test their 200-DMA at 1207 levels.
Gold trades below 50-DMA
Stops have been triggered as the metal dipped below 1200 (50-DMA), thereby pushing the metal lower to USD 1197.4/Oz. The USD index now trades at 97.05; up 0.61% for the day.
Ahead in the day, the metal is likely to take cues from the US durable goods orders report, followed by Services PMI, consumer confidence and New home sales report.
Gold Technical Levels
The immediate support is seen at 1195.00, under which the metal could drop to 1188.00 levels. On the flip side, a break above 1200 (50-DMA) could see the prices re-test their 200-DMA at 1207 levels.