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2 Dec 2014
Gold falls below USD 1200
FXStreet (Mumbai) - Gold prices extended the weakness during the European session today as the US dollar gained strength against the major currencies.
Gold now trades 1.76% lower at USD 1196.70/barrel. Prices were trading at USD 1206.00/barrel at the onset of the European session. Moreover, prices have declined below the 50-DMA level located at USD 1200.00. Meanwhile, the US dollar index has strengthened 0.30% to trade at 88.28 levels. The strength in the European equities also hurt the yellow metal. Germany’s Dax rose above 10,000 levels, while the London’s Ftse gained 1.06% to trade at 6727 levels.
Gold Technical Levels
Gold has an immediate resistance at 1200 (50-DMA), above which prices can rise to 1208 levels. Meanwhile, immediate support is seen at 1190.00 and 1183.30 levels.
Gold now trades 1.76% lower at USD 1196.70/barrel. Prices were trading at USD 1206.00/barrel at the onset of the European session. Moreover, prices have declined below the 50-DMA level located at USD 1200.00. Meanwhile, the US dollar index has strengthened 0.30% to trade at 88.28 levels. The strength in the European equities also hurt the yellow metal. Germany’s Dax rose above 10,000 levels, while the London’s Ftse gained 1.06% to trade at 6727 levels.
Gold Technical Levels
Gold has an immediate resistance at 1200 (50-DMA), above which prices can rise to 1208 levels. Meanwhile, immediate support is seen at 1190.00 and 1183.30 levels.