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20 May 2015
Gold trades above 200-DMA and hourly 200-MA
FXStreet (Mumbai) - Gold prices trade above 200-DMA and hourly 200-MA currently located at USD 1207.28 and USD 1206.49 respectively ahead of the Fed minutes.
Gold tracks USD index
The metal printed a daily high of USD 1211.4 as the USD index fell from the session high of 95.94 to trade moderately positive on the day around 95.50 levels. In the absence of major economic data across the Europe, the metal remained focused on the USD index.
Ahead in the day, the Fed minutes could provide trigger to the yellow metal. Markets are speculating a dovish tilt in the minutes – possible indication of a delay in the rate hike in the wake of weak US economic data. Such an outcome could be supportive for Gold.
Gold Technical Levels
The metal currently trades at 1208.2, with immediate resistance is seen at 1215.1 (Apr. 28 high) and 1218 (5-DMA). On the flip side, a break below 1207.28 (200-DMA), could see the prices revisit the daily low at 1203.
Gold tracks USD index
The metal printed a daily high of USD 1211.4 as the USD index fell from the session high of 95.94 to trade moderately positive on the day around 95.50 levels. In the absence of major economic data across the Europe, the metal remained focused on the USD index.
Ahead in the day, the Fed minutes could provide trigger to the yellow metal. Markets are speculating a dovish tilt in the minutes – possible indication of a delay in the rate hike in the wake of weak US economic data. Such an outcome could be supportive for Gold.
Gold Technical Levels
The metal currently trades at 1208.2, with immediate resistance is seen at 1215.1 (Apr. 28 high) and 1218 (5-DMA). On the flip side, a break below 1207.28 (200-DMA), could see the prices revisit the daily low at 1203.