Back
3 Mar 2015
Gold moves away from 2-week highs
FXStreet (Mumbai) - Gold prices on Comex bounced-off sharply from a brief dip below 1200 level and traded flat in the late-Asian session as the recent strength in the US dollar continues to weigh on the gold prices.
Gold supported above 10-DMA located at 1205.99
Currently, gold trades unchanged at 1208 levels, having posted fresh session highs at 1210.40 levels some time ago. Gold prices rebounded and edge higher this session after the US dollar took a halt in its rally, retreating from near 11-year high levels reached in the previous session.
Moreover, firm Asian physical demand for the yellow metals also lifted the prices from sub 1200 levels. Overnight, premiums for physical gold at the Shanghai Gold Exchange stayed firm at around USD4-USD5 an ounce over the global spot benchmark on Monday.
However, gold prices may remain pressured on USD strength amid upbeat US macro data raising expectations for a rise in U.S. interest rates later this year.
Gold Technical Levels
The metal has an immediate resistance at 1210.64 (10-DMA) and 1213.89 (20-DMA) levels. Meanwhile, support stands at 1200 levels below which doors could open for 1190 levels.
Gold supported above 10-DMA located at 1205.99
Currently, gold trades unchanged at 1208 levels, having posted fresh session highs at 1210.40 levels some time ago. Gold prices rebounded and edge higher this session after the US dollar took a halt in its rally, retreating from near 11-year high levels reached in the previous session.
Moreover, firm Asian physical demand for the yellow metals also lifted the prices from sub 1200 levels. Overnight, premiums for physical gold at the Shanghai Gold Exchange stayed firm at around USD4-USD5 an ounce over the global spot benchmark on Monday.
However, gold prices may remain pressured on USD strength amid upbeat US macro data raising expectations for a rise in U.S. interest rates later this year.
Gold Technical Levels
The metal has an immediate resistance at 1210.64 (10-DMA) and 1213.89 (20-DMA) levels. Meanwhile, support stands at 1200 levels below which doors could open for 1190 levels.