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20 Apr 2015
Gold drops below USD 1200/Oz
FXStreet (Mumbai) - Gold prices fell below USD 1200/Oz levels on Monday as the American dollar strengthened across the board on the back of an uptick in the Treasury yields.
Gold: Trades below hourly 200-MA
The metal now trades below hourly 200-MA located at USD 1200.16/Oz levels, tracking a 0.49% rise in the USD index to 98.10 levels. The USD saw a rise in demand right from the early European session, which pushed the metal from a high of USD 1208.9/OZ to trade at USD 1198.4/Oz levels.
Additional bearish pressure also comes from the uptick in the major US index futures. The S&P futures are up 0.50% after China announced a cut one-percentage point cut in the reserve requirement ratio on Sunday.
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: Trades below hourly 200-MA
The metal now trades below hourly 200-MA located at USD 1200.16/Oz levels, tracking a 0.49% rise in the USD index to 98.10 levels. The USD saw a rise in demand right from the early European session, which pushed the metal from a high of USD 1208.9/OZ to trade at USD 1198.4/Oz levels.
Additional bearish pressure also comes from the uptick in the major US index futures. The S&P futures are up 0.50% after China announced a cut one-percentage point cut in the reserve requirement ratio on Sunday.
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.