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13 Apr 2015
Gold turns positive
FXStreet (Mumbai) - Gold prices recovered from the low of USD 1202.80/Oz, tracking a slight retreat in the USD index driven by the weak Treasury yields.
Supported by 5-DMA
Prices found support at the 5-DMA located at USD 1202.80 (session low), although the metal still trades below its 10-DMA currently located at USD 1206.21. Prices recovered from the session low to trade at USD 1205.20 as the USD index declined from a high of 99.89 to trade largely unchanged for the day at 99.62.
The disappointing Chinese trade figures and the resulting fears of slowdown in the first quarter growth rate of the world’s second largest economy also supported Gold.
Gold Technical Levels
The immediate support is located at 1202.8 (5-DMA), under which losses could be extended to 1193.58 (50-DMA). On the flip side, a break above 1209.2 could push the prices higher to 1214.06 (100-DMA).
Supported by 5-DMA
Prices found support at the 5-DMA located at USD 1202.80 (session low), although the metal still trades below its 10-DMA currently located at USD 1206.21. Prices recovered from the session low to trade at USD 1205.20 as the USD index declined from a high of 99.89 to trade largely unchanged for the day at 99.62.
The disappointing Chinese trade figures and the resulting fears of slowdown in the first quarter growth rate of the world’s second largest economy also supported Gold.
Gold Technical Levels
The immediate support is located at 1202.8 (5-DMA), under which losses could be extended to 1193.58 (50-DMA). On the flip side, a break above 1209.2 could push the prices higher to 1214.06 (100-DMA).