Back
10 Apr 2015
Gold rebounds sharply above USD 1200
FXStreet (Mumbai) - Gold prices on Comex edged swung back above 1200 barrier in the European session, extending its recovery mode from fresh weekly lows, largely on a short-covering rally after the recent weakness.
Gold holds above 50-DMA
Currently, gold trades higher by 0.70% at 1201.08 levels, having previously posted day’s high at 1205.30 and day’s low at 1193. Gold prices posed a solid recovery, bouncing-off 50-DMA support and climbed higher back above 1200 levels and heads for a flat close over the week amid Fed rate hike talks.
The yellow metal regained ground despite strengthening US dollar across the board mainly driven by a bout of technical buying. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades higher by 0.39% at 99.64 levels.
Gold Technical Levels
The metal has an immediate resistance at 1205.78 (5-DMA) and 1210 levels. Meanwhile, support stands at 1195 (20-DMA) levels below which doors could open for 1193.41 (50-DMA) levels.
Gold holds above 50-DMA
Currently, gold trades higher by 0.70% at 1201.08 levels, having previously posted day’s high at 1205.30 and day’s low at 1193. Gold prices posed a solid recovery, bouncing-off 50-DMA support and climbed higher back above 1200 levels and heads for a flat close over the week amid Fed rate hike talks.
The yellow metal regained ground despite strengthening US dollar across the board mainly driven by a bout of technical buying. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades higher by 0.39% at 99.64 levels.
Gold Technical Levels
The metal has an immediate resistance at 1205.78 (5-DMA) and 1210 levels. Meanwhile, support stands at 1195 (20-DMA) levels below which doors could open for 1193.41 (50-DMA) levels.