9 Jun 2015
Gold strengthens on USD weakness
FXStreet (Mumbai) - Gold prices witness moderate strength in the early European session on the back of a weak US dollar.
Stuck at hourly 100-MA
The metal is currently stuck at its hourly 100-MA located at USD 1178.03 levels. Prices have edged higher as the USD index weakened moderately to a session low of 94.87. However, the index recovered losses to trade largely unchanged on the day at 95.15. Consequently, the metal is struggling to extend gains above its hourly 100-MA.
Ahead in the day, the metal is likely to continue tracking the movement in the USD index as the US calendar lacks major data releases.
Gold Technical Levels
The immediate resistance is located at 1178.4, above which gains could be extended to 1183.78 (hourly 200-MA). On the flip side, a break below 1173.04 (hourly 50-MA) could push the prices lower to 1162.5.
Stuck at hourly 100-MA
The metal is currently stuck at its hourly 100-MA located at USD 1178.03 levels. Prices have edged higher as the USD index weakened moderately to a session low of 94.87. However, the index recovered losses to trade largely unchanged on the day at 95.15. Consequently, the metal is struggling to extend gains above its hourly 100-MA.
Ahead in the day, the metal is likely to continue tracking the movement in the USD index as the US calendar lacks major data releases.
Gold Technical Levels
The immediate resistance is located at 1178.4, above which gains could be extended to 1183.78 (hourly 200-MA). On the flip side, a break below 1173.04 (hourly 50-MA) could push the prices lower to 1162.5.