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27 Mar 2015
Gold drops below USD 1200
FXStreet (Mumbai) - Gold prices fell below USD 1200 levels, after it was rejected by USD 1205.60/Oz, which is the 38.2% Fib retracement of USD 1307.3-USD 1142.4.
Gold extends losses as USD gains
The yellow metal extended losses to trade below USD 1200 levels as the USD saw a fresh wave of buying at the onset of the European session. The gains in the major European equity market also reduced the demand for the metal, which was one of the major beneficiaries of the safe haven flows in the previous two sessions.
The metal could extend the decline as the USD is showing no signs of weakness ahead of the Q4 GDP report in the US.
Gold Technical Levels
The metal currently trades at USD 1196.40/Oz, down 0.70% for the day. The immediate resistance is seen at 1200, above which gains could be extended to 1205.40 levels. On the flip side, support is seen at 1195.262 (5-DMA) and 1190.3 (Feb. 24 low).
Gold extends losses as USD gains
The yellow metal extended losses to trade below USD 1200 levels as the USD saw a fresh wave of buying at the onset of the European session. The gains in the major European equity market also reduced the demand for the metal, which was one of the major beneficiaries of the safe haven flows in the previous two sessions.
The metal could extend the decline as the USD is showing no signs of weakness ahead of the Q4 GDP report in the US.
Gold Technical Levels
The metal currently trades at USD 1196.40/Oz, down 0.70% for the day. The immediate resistance is seen at 1200, above which gains could be extended to 1205.40 levels. On the flip side, support is seen at 1195.262 (5-DMA) and 1190.3 (Feb. 24 low).