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5 Jan 2015
Gold inching lower towards 50-DMA
FXStreet (Mumbai) - Gold prices have eased during the European session to trade closer to the 50-DMA located at USD 1191.84 levels.
The yellow metal now trades 0.53% higher for the day at USD 1192.40/Oz levels, compared to the pre-European session level of USD 1197/Oz. The prices came under pressure since the US 10-yr Treasury yields erased losses to trade higher at 2.13%. Recovery in the treasury yields once again pushed the US dollar across the board. The USD index now trades 0.44% higher at 91.88 levels. However, the metal remains supported on ‘Grexit' fears.
Gold Technical Levels
Gold has an immediate support located at 1191.84 (50-DMA), under which the metal may test 1186.40 levels. Meanwhile, resistance is seen at 1197 and 120.00 levels.
The yellow metal now trades 0.53% higher for the day at USD 1192.40/Oz levels, compared to the pre-European session level of USD 1197/Oz. The prices came under pressure since the US 10-yr Treasury yields erased losses to trade higher at 2.13%. Recovery in the treasury yields once again pushed the US dollar across the board. The USD index now trades 0.44% higher at 91.88 levels. However, the metal remains supported on ‘Grexit' fears.
Gold Technical Levels
Gold has an immediate support located at 1191.84 (50-DMA), under which the metal may test 1186.40 levels. Meanwhile, resistance is seen at 1197 and 120.00 levels.