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20 Apr 2015
Gold continues to slide
FXStreet (Mumbai) - Gold prices extended the decline to hit a low of USD 1194.1/Oz levels in the early US session due to strength in the USD and gains in the US equity markets.
Gold: rejected at technical resistance
The metal reversed trend from the high of USD 1208.9/Oz earlier today as the US dollar inched higher against the basket of currencies. The yellow metal has repeatedly failed around USD 1208-1210 since April 10th. The latest failure seen earlier today was mainly driven by the rebound in the USD.
The losses were extended further to the low of USD 1194.1/Oz as the US equities opened higher following a cut in the reserve requirement ratio.
Gold Technical Levels
The immediate support is located at 1191.73 (50-DMA), under which losses could be extended to 1183.7 (Apr. 14, low). On the flip side, a break above 1200.00 could drive the prices higher to its 200-DMA located at 1212.79.
Gold: rejected at technical resistance
The metal reversed trend from the high of USD 1208.9/Oz earlier today as the US dollar inched higher against the basket of currencies. The yellow metal has repeatedly failed around USD 1208-1210 since April 10th. The latest failure seen earlier today was mainly driven by the rebound in the USD.
The losses were extended further to the low of USD 1194.1/Oz as the US equities opened higher following a cut in the reserve requirement ratio.
Gold Technical Levels
The immediate support is located at 1191.73 (50-DMA), under which losses could be extended to 1183.7 (Apr. 14, low). On the flip side, a break above 1200.00 could drive the prices higher to its 200-DMA located at 1212.79.