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12 Mar 2015
Gold erases gains as US stocks rally
FXStreet (Mumbai) - Gold prices erased gains, tracking sharp gains in the major equity indices in the US. The metal was already under pressure after an upbeat weekly jobless claims data.
Gold: to drop below USD 1150/Oz?
The metal currently trades at USD 1155/Oz levels after having declined from the high of USD 1166.4. The drop was largely driven by the upbeat jobless claims data in the US. The sharp gains in the US equities also added to the bearish pressure. The DJIA index currently trades 1% higher at 17,808 levels.
The metal may extend the drop if the US equities maintain the risk-on mood, while the USD index makes a strong comeback from the minor corrective rally.
Gold Technical Levels
The immediate support is seen at 1155.00, under which losses could be extended to 1147.4. On the flip side, resistance is seen at 1162.54 (5-DMA) and 1173.3 levels.
Gold: to drop below USD 1150/Oz?
The metal currently trades at USD 1155/Oz levels after having declined from the high of USD 1166.4. The drop was largely driven by the upbeat jobless claims data in the US. The sharp gains in the US equities also added to the bearish pressure. The DJIA index currently trades 1% higher at 17,808 levels.
The metal may extend the drop if the US equities maintain the risk-on mood, while the USD index makes a strong comeback from the minor corrective rally.
Gold Technical Levels
The immediate support is seen at 1155.00, under which losses could be extended to 1147.4. On the flip side, resistance is seen at 1162.54 (5-DMA) and 1173.3 levels.