Back
22 Apr 2015
Gold struggles to extend gains
FXStreet (Mumbai) - Gold is struggling to extend gains above USD 1205/Oz levels in the European session despite the general weakness seen in the US dollar and a drop in the major equity markets.
Stuck in the range
The metal has been restricted to a narrow range of USD 1198-1204 levels since the early European session on Wednesday. The gains have been capped even though the US dollar index weakened 0.47% to trade at 97.47.
Meanwhile, the weakness in the major European equity markets and US equity futures has also failed to push Gold prices higher. The German Dax is down more than one percent, while the London’s Ftse dropped more than a half percent. The S&P futures in the US have also dipped into the red, despite which the safe haven metal is having a tough time extending gains over and above USD 1204/Oz levels.
Gold Technical Levels
The metal currently trades at USD 1201.90/Oz, down 0.10% for the day. The immediate resistance is seen at 1204-1205, above which the gains could be extended to 1208-1210 levels. On the flip side, a break below 1198.51 (hourly 50-MA) could drive prices lower to 1191.65 (50-DMA).
Stuck in the range
The metal has been restricted to a narrow range of USD 1198-1204 levels since the early European session on Wednesday. The gains have been capped even though the US dollar index weakened 0.47% to trade at 97.47.
Meanwhile, the weakness in the major European equity markets and US equity futures has also failed to push Gold prices higher. The German Dax is down more than one percent, while the London’s Ftse dropped more than a half percent. The S&P futures in the US have also dipped into the red, despite which the safe haven metal is having a tough time extending gains over and above USD 1204/Oz levels.
Gold Technical Levels
The metal currently trades at USD 1201.90/Oz, down 0.10% for the day. The immediate resistance is seen at 1204-1205, above which the gains could be extended to 1208-1210 levels. On the flip side, a break below 1198.51 (hourly 50-MA) could drive prices lower to 1191.65 (50-DMA).