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21 May 2015
Gold drops to its 200-DMA
FXStreet (Mumbai) - Gold prices fell into losses to trade at their 200-DMA located at USD 1207.29/Oz, despite the weakness in the USD index.
Gold lacks buying interest
The metal turned lower from the session high of USD 1212.5/Oz even though the greenback weakened across the board. The USD index now trades 0.38% lower at 95.28. Moreover, the safe haven metal is a sort of an underperformer today among other traditional safe haven assets like the US treasuries, German bunds, and the Japanese Yen.
Ahead in the day, the metal traders would watch out for the US weekly jobless claims data in the US, followed by a report on Existing home sales and regional manufacturing indices.
Gold Technical Levels
The immediate support is seen at 1203, under which the metal could drop to its psychological support level of 1200. On the other hand, a break above 1211.02 (10-DMA) could drive the prices higher to 1215.1 (Apr. 28 high).
Gold lacks buying interest
The metal turned lower from the session high of USD 1212.5/Oz even though the greenback weakened across the board. The USD index now trades 0.38% lower at 95.28. Moreover, the safe haven metal is a sort of an underperformer today among other traditional safe haven assets like the US treasuries, German bunds, and the Japanese Yen.
Ahead in the day, the metal traders would watch out for the US weekly jobless claims data in the US, followed by a report on Existing home sales and regional manufacturing indices.
Gold Technical Levels
The immediate support is seen at 1203, under which the metal could drop to its psychological support level of 1200. On the other hand, a break above 1211.02 (10-DMA) could drive the prices higher to 1215.1 (Apr. 28 high).