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15 Apr 2015
Gold trades at 50-DMA
FXStreet (Mumbai) - Gold prices dropped to 50-DMA located at USD 1191.97 levels on Wednesday, despite a weak set of Chinese economic data.
Slight uptick in USD weighs
The yellow metal has been more sensitive to the USD index off late, due to which, a slight uptick in the USD index in the Asian session weighed over Gold prices. The USD index rose 0.17% to 99.17, thereby pushing the Gold prices down to USD 1191.7 from USD 1194.9. However, the losses have been capped by a weaker-than-expected Chinese industrial production and quarter-on-quarter GDP data.
Gold Technical Levels
The immediate resistance is seen at 1200.16 (5-DMA), above which gains could be capped at 1210.4. On the flip side, a break below 1190.00 could drive the prices lower to 1183.7.
Slight uptick in USD weighs
The yellow metal has been more sensitive to the USD index off late, due to which, a slight uptick in the USD index in the Asian session weighed over Gold prices. The USD index rose 0.17% to 99.17, thereby pushing the Gold prices down to USD 1191.7 from USD 1194.9. However, the losses have been capped by a weaker-than-expected Chinese industrial production and quarter-on-quarter GDP data.
Gold Technical Levels
The immediate resistance is seen at 1200.16 (5-DMA), above which gains could be capped at 1210.4. On the flip side, a break below 1190.00 could drive the prices lower to 1183.7.