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27 May 2015
Gold sees moderate gains
FXStreet (Mumbai) - Gold prices have ticked up moderately ahead of the European session after having suffered sharp losses in the previous session on the back of the strong US dollar.
Weakness in USD supports Gold
Gold prices recovered from the low of USD 1185.4/Oz to trade USD 1190/Oz levels on the back of the USD index, which currently trades 0.25% lower at 97.14. The overnight 1% drop in the Dow Jones Industrial Average (DJIA) also helped stabilize the yellow metal.
Meanwhile, the major European equity index futures are pointing to a weak opening. The Euro Stoxx 50 June futures currently trade largely unchanged, while the Dax futures trade 0.12% lower. Weakness in the European stocks could result in further gains in the yellow metal.
Gold Technical Levels
The immediate resistance is seen at 1192.00, followed by another hurdle at 1195.00 levels. On the flip side, a break below 1185.4 could see the metal test 1178.00 levels.
Weakness in USD supports Gold
Gold prices recovered from the low of USD 1185.4/Oz to trade USD 1190/Oz levels on the back of the USD index, which currently trades 0.25% lower at 97.14. The overnight 1% drop in the Dow Jones Industrial Average (DJIA) also helped stabilize the yellow metal.
Meanwhile, the major European equity index futures are pointing to a weak opening. The Euro Stoxx 50 June futures currently trade largely unchanged, while the Dax futures trade 0.12% lower. Weakness in the European stocks could result in further gains in the yellow metal.
Gold Technical Levels
The immediate resistance is seen at 1192.00, followed by another hurdle at 1195.00 levels. On the flip side, a break below 1185.4 could see the metal test 1178.00 levels.