10 Jun 2015
Gold prints fresh session high of USD 1192.4/Oz
FXStreet (Mumbai) - Gold prices extended gains to a fresh session high of USD 1192.4/Oz levels as we head into the US opening bell.
Weak USD supports prices
The yellow metal inched higher on mainly on account of the weakness in the USD against the basket of currencies. The USD index currently trades 0.64% lower at 94.55. The dollar longs were capitulating earlier today after BOJ’s Kuroda triggered a sharp sell-off in the USD/JPY pair by stating a low possibility of a further decline in the Yen’s decline.
The metal is also benefits from its safe haven appeal amid signs of slight risk aversion in the equity markets and a rout in major bond markets across the globe.
Gold Technical Levels
At the moment, the metal is trading at USD 1189.30/Oz, up 1% on the day. The immediate resistance is seen at 1194 (100-DMA), above which the pair could target 1200. On the flip side, a break below 1179.9 could push the pair lower to 1168.9.
Weak USD supports prices
The yellow metal inched higher on mainly on account of the weakness in the USD against the basket of currencies. The USD index currently trades 0.64% lower at 94.55. The dollar longs were capitulating earlier today after BOJ’s Kuroda triggered a sharp sell-off in the USD/JPY pair by stating a low possibility of a further decline in the Yen’s decline.
The metal is also benefits from its safe haven appeal amid signs of slight risk aversion in the equity markets and a rout in major bond markets across the globe.
Gold Technical Levels
At the moment, the metal is trading at USD 1189.30/Oz, up 1% on the day. The immediate resistance is seen at 1194 (100-DMA), above which the pair could target 1200. On the flip side, a break below 1179.9 could push the pair lower to 1168.9.