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5 May 2015
Gold rises to 50-DMA
FXStreet (Mumbai) - Gold prices rose to its 50-DMA located at USD 1189.21/Oz, after the rate cut from the Reserve Bank of Australia triggered a temporary weakness in the USD index.
Gains capped at 50-DMA
The metal failed to extend gains above its 50-DMA as the USD index shot higher to 95.87 from the session low of 95.56. The USD is being bid higher across the board in the early European session, which is capping gains in the yellow metal.
Ahead in the day, the metal could take cues from the US services PMI data for April. In the meantime, the sentiment in the major European markets would also influence the metal.
Gold Technical Levels
The immediate resistance is located at 1192.6, above which gains could be extended to 1200.00. On the flip side, a break below 1183.26 (5-DMA), could drive the prices lower to 1176.6.
Gains capped at 50-DMA
The metal failed to extend gains above its 50-DMA as the USD index shot higher to 95.87 from the session low of 95.56. The USD is being bid higher across the board in the early European session, which is capping gains in the yellow metal.
Ahead in the day, the metal could take cues from the US services PMI data for April. In the meantime, the sentiment in the major European markets would also influence the metal.
Gold Technical Levels
The immediate resistance is located at 1192.6, above which gains could be extended to 1200.00. On the flip side, a break below 1183.26 (5-DMA), could drive the prices lower to 1176.6.