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14 Apr 2015
Gold falls to fresh session low
FXStreet (Mumbai) - Gold continues to slide during the European session as prices hit another fresh session low of USD 1187.3/Oz, after having breached the 50-DMA level of USD 1192.64 earlier today.
Drops after being rejected at USD 1200
The metal came under selling pressure after it failed to sustain gains above USD 1200 and dropped below the same, contrary to the strength seen in other safe haven assets. Interestingly, the USD index has been more or less steady today, despite which, the metal tanked.
At the current level of USD 1187.3/Oz, investors are likely to wait for the US advance retail sales data before making a fresh commitment in the yellow metal.
Gold Technical Levels
The immediate support is located at 1185, under which losses could be extended to 1178.5 (Mar. 31 low). On the flip side, resistance is seen at 1192.65 (50-DMA), above which gains could be extended to 1199 (5-DMA).
Drops after being rejected at USD 1200
The metal came under selling pressure after it failed to sustain gains above USD 1200 and dropped below the same, contrary to the strength seen in other safe haven assets. Interestingly, the USD index has been more or less steady today, despite which, the metal tanked.
At the current level of USD 1187.3/Oz, investors are likely to wait for the US advance retail sales data before making a fresh commitment in the yellow metal.
Gold Technical Levels
The immediate support is located at 1185, under which losses could be extended to 1178.5 (Mar. 31 low). On the flip side, resistance is seen at 1192.65 (50-DMA), above which gains could be extended to 1199 (5-DMA).