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16 Mar 2015
Gold falls into losses
FXStreet (Mumbai) - Gold prices fell into losses as the equity markets in the US shrugged-off a weaker-than-expected US industrial production data.
Gold: drops below 5-DMA, weak USD ignored
The support at the 5-DMA level located at USD 1154.85/Oz was finally taken out as the stock markets in the US showed resilience amid lackluster US data. The DJIA stayed resilient with a 1% gain amid a weaker-than-expected industrial production data in the US.
Meanwhile, the weak US dollar has failed to provide any support to the yellow metal. The USD index is down by 0.57% at 100.17, despite which the yellow metal currently trades lower at USD 1151.20/Oz levels.
Gold Technical Levels
The immediate support is located at 1147.4 (Mar. 11 low), under which losses could be extended to 1142.8 levels. On the flip side, resistance is 1154.80 (5-DMA), above which the metal could re-test the daily high at 1164.1 levels.
Gold: drops below 5-DMA, weak USD ignored
The support at the 5-DMA level located at USD 1154.85/Oz was finally taken out as the stock markets in the US showed resilience amid lackluster US data. The DJIA stayed resilient with a 1% gain amid a weaker-than-expected industrial production data in the US.
Meanwhile, the weak US dollar has failed to provide any support to the yellow metal. The USD index is down by 0.57% at 100.17, despite which the yellow metal currently trades lower at USD 1151.20/Oz levels.
Gold Technical Levels
The immediate support is located at 1147.4 (Mar. 11 low), under which losses could be extended to 1142.8 levels. On the flip side, resistance is 1154.80 (5-DMA), above which the metal could re-test the daily high at 1164.1 levels.