17 Mar 2015
Gold consolidates above USD 1150
FXStreet (Mumbai) - Gold prices on Comex traded modestly flat during the Asian session, extending its side trend from the previous session, as higher Asian equities and a stronger greenback near twelve year highs continue to dull the attractiveness of the yellow metal.
Gold awaits fresh cues from the European session
Currently, gold trades flat at fresh session highs reached at 1153.60, having previously posted day’s high at 1155.60 and day’s low at 1151.20. Gold prices remain near three month lows as the strongest US dollar in twelve years continues to underpin gold bears ahead of a key Federal Reserve meeting that may reveal more about the next monetary steps.
Moreover, holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, dropped to 750.67 tonnes on Friday, which also suggests lack of investors’ confidence in gold.
Gold Technical Levels
The metal has an immediate resistance at 1160 and 1165 levels. Meanwhile, support stands at 1151.20 (Today’s low) levels below which doors could open for 1146.50 (March 11 Low) levels.
Gold awaits fresh cues from the European session
Currently, gold trades flat at fresh session highs reached at 1153.60, having previously posted day’s high at 1155.60 and day’s low at 1151.20. Gold prices remain near three month lows as the strongest US dollar in twelve years continues to underpin gold bears ahead of a key Federal Reserve meeting that may reveal more about the next monetary steps.
Moreover, holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, dropped to 750.67 tonnes on Friday, which also suggests lack of investors’ confidence in gold.
Gold Technical Levels
The metal has an immediate resistance at 1160 and 1165 levels. Meanwhile, support stands at 1151.20 (Today’s low) levels below which doors could open for 1146.50 (March 11 Low) levels.