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27 Mar 2015
Gold: Rejected by 38.2% Fib level
FXStreet (Mumbai) - Gold prices were rejected at USD 1205.60/Oz, which is the 38.2% Fib retracement of USD 1307.3-USD 1142.4.
Strong dollar weighs, metal supported by hourly 50-MA
The yellow metal is being pressurized by the strength in the USD index, which is trading up by 0.13% at 97.67 levels. The USD made a comeback during the US session yesterday on a better-than-expected US data and signs of stability in the equity markets. Consequently, Gold fell from a high of USD 1219.4 to trade at USD 1203.1. The metal bounced from the support of hourly 50-MA located at USD 1200.58.
Gold Technical Levels
The immediate resistance is seen at 1205.60, above which gains could be extended to 1209.2. On the flip side, a break below 1200.58 (hourly 50-MA), could drive the prices lower to 1196.60 (hourly 5-MA).
Strong dollar weighs, metal supported by hourly 50-MA
The yellow metal is being pressurized by the strength in the USD index, which is trading up by 0.13% at 97.67 levels. The USD made a comeback during the US session yesterday on a better-than-expected US data and signs of stability in the equity markets. Consequently, Gold fell from a high of USD 1219.4 to trade at USD 1203.1. The metal bounced from the support of hourly 50-MA located at USD 1200.58.
Gold Technical Levels
The immediate resistance is seen at 1205.60, above which gains could be extended to 1209.2. On the flip side, a break below 1200.58 (hourly 50-MA), could drive the prices lower to 1196.60 (hourly 5-MA).