18 May 2015
Gold keeps losses circa $ 1224 in Asia
FXStreet (Mumbai) - Gold prices on Comex continues to trade around a flat line in Asia, holding moderate losses, amid firmer Asian equities and broadly stronger greenback which weigh on the yellow metal.
Gold supported at $ 1220
Currently, gold trades -0.11% lower at 1224, having posted day’s high at 1224.60 and day’s low at 1221.30. Gold keeps mild losses and remains close to fresh three month highs as traders remain cautious at the start of this week with Fed’s minutes and a host of crucial US macro data to drive the USD moves, eventually impacting gold prices.
Meanwhile, the dollar index, which measures the currency's strength against its major peers, trades 0.16% higher at 93.44, retreating from session highs at 93.53 levels.
On Friday, gold booked one of its largest weekly gains for a while over the past seven days, as a relatively weak US dollar met a chunk of sour US macro data, which dented expectations for an imminent rise in US interest rates.
Gold Technical Levels
The metal has an immediate resistance at 1227.70 and 1230 levels. Meanwhile, support stands at 1220 below which doors could open for 1215 levels.
Gold supported at $ 1220
Currently, gold trades -0.11% lower at 1224, having posted day’s high at 1224.60 and day’s low at 1221.30. Gold keeps mild losses and remains close to fresh three month highs as traders remain cautious at the start of this week with Fed’s minutes and a host of crucial US macro data to drive the USD moves, eventually impacting gold prices.
Meanwhile, the dollar index, which measures the currency's strength against its major peers, trades 0.16% higher at 93.44, retreating from session highs at 93.53 levels.
On Friday, gold booked one of its largest weekly gains for a while over the past seven days, as a relatively weak US dollar met a chunk of sour US macro data, which dented expectations for an imminent rise in US interest rates.
Gold Technical Levels
The metal has an immediate resistance at 1227.70 and 1230 levels. Meanwhile, support stands at 1220 below which doors could open for 1215 levels.