FXStreet (Mumbai) – Gold prices advanced in Europe to trade at the Wednesday high of USD 1153/Oz levels as the US dollar continues to get offered on dovish Fed minutes and oil driven risk-on rally in the equities.
Gold up 0.7% on USD weakness
The USD index weakened by more than 0.5% to trade around 95.00 levels. The Fed rate hike bets for March 2016 dropped slightly after the Fed minutes released yesterday revealed policymakers are in no hurry to hike rates anytime soon.
The metal appears on track to end the week higher. Heading into the weekend, the action in the USD index could continue to influence the metal.
Gold Technical Levels
Above USD 1153.00, the immediate resistance is seen at 1156.70 (Sept 24 high), followed by a major hurdle at 1169.99 (Aug 24 high) and 1200 levels. On the downside, a break below 100-DMA at 1143.25 would expose 1132.90 (Nov 2014 low) and 1121.50 (50-DMA).
(Market News Provided by FXstreet)