FXStreet (Mumbai) – Gold was offered in Asia and extended losses in early Europe as the focus shifted back to Fed tightening ahead of the US CPI report due later today.
USD strengthens, gold drops
The USD index rose to a fresh –month high of 99.71 levels in Asia, pushing Gold to a low of USD 1076.83/Oz levels. The Paris terror attacks did lead to a minor spike in Gold in early Asia on Monday, although gains were quickly erased as the financial markets remained resilient.
The metal is now eyeing the Thursday’s low of USD 1073.97/Oz. The metal traders would watch out for the monthly CPI figures due for release later today.
Gold Technical Levels
The immediate support is seen at 1073.97 (Last Thursday’s low), under which the metal could drop to 1032.30 (Mar 2008 high). On the other side, resistance is seen at 1086 (hourly 50-MA and hourly 100-MA), above which the prices could rise to 1091.73 (hourly 200-MA).
(Market News Provided by FXstreet)