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4 Mar 2015
Gold marginally up ahead of the European session
FXStreet (Mumbai) - Gold prices are trading marginally higher despite an upbeat services PMI data in China and the rise in the US Treasury yields.
Gold: gains capped at 5-DMA
The gains in the yellow metal are being capped at the 5-DMA located at USD 1209. The yellow metal managed to move up even though the Chinese services PMI rose to 52.00 in February. The upbeat data failed to weaken the safe haven metal. On similar lines, the 10-year US Treasury yields, which trade higher at 2.13%, failed to weaken the metal. The Treasury yields and Gold are known to have an inverse relationship.
The metal may extend gains if the European equity markets begin the day on a negative note. The European services PMI data due for release later today could also impact Gold prices.
Gold Technical Level
The metal currently trades 0.19% higher at USD 1206.60/Oz levels. The immediate resistance is seen at at 1209, above which prices could rise to 1216.37(100-DMA). On the flip side, support is seen at 1204 and 1194.9 levels.
Gold: gains capped at 5-DMA
The gains in the yellow metal are being capped at the 5-DMA located at USD 1209. The yellow metal managed to move up even though the Chinese services PMI rose to 52.00 in February. The upbeat data failed to weaken the safe haven metal. On similar lines, the 10-year US Treasury yields, which trade higher at 2.13%, failed to weaken the metal. The Treasury yields and Gold are known to have an inverse relationship.
The metal may extend gains if the European equity markets begin the day on a negative note. The European services PMI data due for release later today could also impact Gold prices.
Gold Technical Level
The metal currently trades 0.19% higher at USD 1206.60/Oz levels. The immediate resistance is seen at at 1209, above which prices could rise to 1216.37(100-DMA). On the flip side, support is seen at 1204 and 1194.9 levels.