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23 Apr 2015
Gold suffers moderate losses
FXStreet (Mumbai) - Gold prices trade moderately lower on Thursday after falling to one-week lows in the previous session.
Strong US dollar weighs
The USD is again on the rise ahead of the European session, which keeps the metal under pressure. Moreover, the USD index has recovered from low of 97.61 seen in the previous session to trade at 98.42 levels. Consequently, gold fell to a low of USD 1184 levels earlier today, before recovering slightly to trade at USD 1187.4/Oz.
The metal could be influenced by the Eurozone PMI reports due for release later today. Ahead in the day, the weekly jobless claims in the US will be watched out by investors.
Gold Technical Levels
The immediate support is seen at 1183.7, under which losses could be extended to 1178.5. On the other hand, a break above 1191.1 could see the metal re-test the psychological resistance at 1200.00.
Strong US dollar weighs
The USD is again on the rise ahead of the European session, which keeps the metal under pressure. Moreover, the USD index has recovered from low of 97.61 seen in the previous session to trade at 98.42 levels. Consequently, gold fell to a low of USD 1184 levels earlier today, before recovering slightly to trade at USD 1187.4/Oz.
The metal could be influenced by the Eurozone PMI reports due for release later today. Ahead in the day, the weekly jobless claims in the US will be watched out by investors.
Gold Technical Levels
The immediate support is seen at 1183.7, under which losses could be extended to 1178.5. On the other hand, a break above 1191.1 could see the metal re-test the psychological resistance at 1200.00.