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2 Mar 2015
Gold awaits US data
FXStreet (Mumbai) - Gold prices are trading steady just above the 100-DMA located at USD 1215.54/Oz levels, ahead of the US personal income and spending data followed by the ISM manufacturing number.
Gold: Strong US data could weaken prices
The yellow metal could fall below 100-DMA if the personal spending in February enters positive territory after a 0.3% contraction seen in January. On similar lines, a better-than-expected ISM manufacturing figure in February could weigh on the yellow metal.
In the meantime, the slight decline of 0.1% in the USD index is supporting the metal. The negative action in the European equities also helps the safe haven metal.
Gold Technical Levels
The metal currently trades at USD 1216.60/Oz; up 0.29%. The immediate resistance is seen at at 1219.5, above which prices could re-test the daily high of 1223.1. On the flip side, support is seen at 1215.46, under which losses could be extended to 1211.76 (5-DMA).
Gold: Strong US data could weaken prices
The yellow metal could fall below 100-DMA if the personal spending in February enters positive territory after a 0.3% contraction seen in January. On similar lines, a better-than-expected ISM manufacturing figure in February could weigh on the yellow metal.
In the meantime, the slight decline of 0.1% in the USD index is supporting the metal. The negative action in the European equities also helps the safe haven metal.
Gold Technical Levels
The metal currently trades at USD 1216.60/Oz; up 0.29%. The immediate resistance is seen at at 1219.5, above which prices could re-test the daily high of 1223.1. On the flip side, support is seen at 1215.46, under which losses could be extended to 1211.76 (5-DMA).