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9 Apr 2015
Gold sees partial recovery
FXStreet (Mumbai) - Gold prices recovered partial losses, trading at USD 1196.30/Oz, compared to the session low of USD 1192.5/Oz.
Hovers near 50-DMA
Prices trade closer to 50-DMA located at USD 1195.00 levels, while the gains were restricted at the 10-DMA located at USD 1207.76. The metal came under pressure after the FOMC minutes released yesterday brought back fears of a mid-year rate hike in the US.
The rate hike talk pushed the USD index higher to 98.61; up 0.35% for the day. Consequently, Gold trades 0.56% lower for the day at USD 1196.30/Oz. Moreover, prices have declined for the fourth consecutive session, after being rejected at the USD 1220-1225 range on Monday.
Gold Technical Levels
The immediate resistance is seen at 1201.70 (10-DMA), above which gains could be extended to 1207.70 (5-DMA). On the flip side, a break below 1195.00 (50-DMA) could drive the prices lower to 1190.00 levels.
Hovers near 50-DMA
Prices trade closer to 50-DMA located at USD 1195.00 levels, while the gains were restricted at the 10-DMA located at USD 1207.76. The metal came under pressure after the FOMC minutes released yesterday brought back fears of a mid-year rate hike in the US.
The rate hike talk pushed the USD index higher to 98.61; up 0.35% for the day. Consequently, Gold trades 0.56% lower for the day at USD 1196.30/Oz. Moreover, prices have declined for the fourth consecutive session, after being rejected at the USD 1220-1225 range on Monday.
Gold Technical Levels
The immediate resistance is seen at 1201.70 (10-DMA), above which gains could be extended to 1207.70 (5-DMA). On the flip side, a break below 1195.00 (50-DMA) could drive the prices lower to 1190.00 levels.