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27 May 2015
Gold trades flat
FXStreet (Mumbai) - Gold prices erased moderate gains witnessed ahead of the European session to trade largely unchanged for the day at USD 1187.9/Oz.
Strong USD continues to weigh on Gold
The early gains witnessed today were largely due to moderate weakness seen in the USD index. However, the USD appears to have stabilized, which capped gains in Gold at USD 1190.6/Oz levels. The metal suffered more than 2% loss in the previous session as a strong US data meant a rate hike could happen this year in the US.
Given the empty data docket in the US today, the metal is likely to be influenced by the market’s appetite for the US dollar.
Gold Technical Levels
The immediate resistance is seen at 1192.00, followed by another hurdle at 1195.00 levels. On the flip side, a break below 1185.4 could see the metal test 1178.00 levels.
Strong USD continues to weigh on Gold
The early gains witnessed today were largely due to moderate weakness seen in the USD index. However, the USD appears to have stabilized, which capped gains in Gold at USD 1190.6/Oz levels. The metal suffered more than 2% loss in the previous session as a strong US data meant a rate hike could happen this year in the US.
Given the empty data docket in the US today, the metal is likely to be influenced by the market’s appetite for the US dollar.
Gold Technical Levels
The immediate resistance is seen at 1192.00, followed by another hurdle at 1195.00 levels. On the flip side, a break below 1185.4 could see the metal test 1178.00 levels.