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20 May 2015
Gold hits session low of USD 1203/Oz
FXStreet (Mumbai) - Gold prices hit a session low of USD 1203/Oz as the USD was bid higher against the basket of currencies in the early European session.
Gold: trades below 200-DMA
The metal now trades below its 200-DMA located at USD 1207.28/Oz. Prices have recovered slightly to USD 1206.5 as the USD index eased slightly from its daily high of 95.94 to 95.81 levels. The metal also finds support from the weakness in the long duration bond yields in major economies. The US 10-year yield now trades moderately lower at 2.257%, while the German 10-year yield dropped more than three basis points to trade at 0.575%.
Gold Technical Levels
The immediate support is located at 1203, under which the metal could drop to 1199 (50-DMA). On the other hand, a break above 1208.99 (10-DMA) could see the price re-test 1215.1 (Apr. 28 high).
Gold: trades below 200-DMA
The metal now trades below its 200-DMA located at USD 1207.28/Oz. Prices have recovered slightly to USD 1206.5 as the USD index eased slightly from its daily high of 95.94 to 95.81 levels. The metal also finds support from the weakness in the long duration bond yields in major economies. The US 10-year yield now trades moderately lower at 2.257%, while the German 10-year yield dropped more than three basis points to trade at 0.575%.
Gold Technical Levels
The immediate support is located at 1203, under which the metal could drop to 1199 (50-DMA). On the other hand, a break above 1208.99 (10-DMA) could see the price re-test 1215.1 (Apr. 28 high).