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14 Apr 2015
Gold weakens in the Asian session
FXStreet (Mumbai) - Gold prices retreated in the Asian session on Tuesday, as opposed to gains in the other safe haven assets like the US Treasuries and the Japanese Yen.
Approaching 50-DMA
At USD 1194.9/Oz, the metal is trading just above the 50-DMA located at USD 1192.79. Prices clocked a high of USD 1201.4 before beginning the retreat. Moreover, the metal is an under performer, when compared to other traditional safe haven assets like the US Treasuries, which have advanced slightly, thereby pushing the yields lower. The Japanese Yen too has advanced 0.28% against the US dollar.
Investors await US data to gain insight into the Federal Reserve's likely timing for a widely expected interest rate hike this year.
Gold Technical Levels
The immediate support is seen at 1192.79 (50-DMA), under which losses could be extended to 1185.00. On the flip side, resistance is seen at 1200.74 (5-DMA) and 1204.88 (10-DMA).
Approaching 50-DMA
At USD 1194.9/Oz, the metal is trading just above the 50-DMA located at USD 1192.79. Prices clocked a high of USD 1201.4 before beginning the retreat. Moreover, the metal is an under performer, when compared to other traditional safe haven assets like the US Treasuries, which have advanced slightly, thereby pushing the yields lower. The Japanese Yen too has advanced 0.28% against the US dollar.
Investors await US data to gain insight into the Federal Reserve's likely timing for a widely expected interest rate hike this year.
Gold Technical Levels
The immediate support is seen at 1192.79 (50-DMA), under which losses could be extended to 1185.00. On the flip side, resistance is seen at 1200.74 (5-DMA) and 1204.88 (10-DMA).