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22 May 2015
Gold rises above 200-DMA
FXStreet (Mumbai) - Gold prices advanced moderately to trade above the 200-DMA located at USD 1207.25/Oz amid signs of weakness in the US dollar.
Struggles to extend gains
The metal is struggling to extend gains, repeatedly running into offers closer to USD 1210/Oz levels. Prices dipped in the previous session to a low of USD 1201.4/Oz after the labor department data in the US showed 4-week moving average of jobless claims dipped to 15-year lows. However, prices have been on the recovery mode, tracking the USD index, which currently trades 0.35% lower at 95.13 levels.
Ahead in the day, the metal could be heavily influenced by the monthly consumer price inflation data due for release in the US. Apart from that, the Greece issue and the movement in the USD may continue to influence the metal.
Gold Technical Levels
At the moment, the metal is trading at USD 1208.20. The immediate resistance is seen at 1213.35 (10-DMA), above which gains could be extended to 1218. On the flip side, a break below 1205.25 (100-DMA) could drive the metal lower to 1199.71 (50-DMA).
Struggles to extend gains
The metal is struggling to extend gains, repeatedly running into offers closer to USD 1210/Oz levels. Prices dipped in the previous session to a low of USD 1201.4/Oz after the labor department data in the US showed 4-week moving average of jobless claims dipped to 15-year lows. However, prices have been on the recovery mode, tracking the USD index, which currently trades 0.35% lower at 95.13 levels.
Ahead in the day, the metal could be heavily influenced by the monthly consumer price inflation data due for release in the US. Apart from that, the Greece issue and the movement in the USD may continue to influence the metal.
Gold Technical Levels
At the moment, the metal is trading at USD 1208.20. The immediate resistance is seen at 1213.35 (10-DMA), above which gains could be extended to 1218. On the flip side, a break below 1205.25 (100-DMA) could drive the metal lower to 1199.71 (50-DMA).