FXStreet (Mumbai) – Gold is on a slow declining trend from the daily high at USD 1104.90/Oz, trading below the USD 1100 mark and helping the USD recover losses against the USD.
Trades at hourly 100-MA
The metal currently trades round its hourly 100-MA currently located at USD 1095.22. The US dollar was sold in the early European session, tracking the Gold prices, which traded above USD 1100/Oz levels. However, the metal failed to sustain above the same, helping the USD pare losses against most major currencies.
Moreover, the metal has been guiding the FX markets since last Monday, when it dipped to a low of USD 1072/Oz levels. Ahead in the day, the yellow metal could be heavily influenced by the US durable goods data. The sentiment on the Wall street could also affect the metal.
Gold Technical Levels
The immediate resistance is located at the daily high of 1104.90, above which prices could rise to 1115.01 (hourly 200-MA). On the flip side, a break below 1092.21 (hourly 50-MA) could push the spot lower to 1077.44.
(Market News Provided by FXstreet)