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12 Mar 2015
Gold wavers after mixed set of US data
FXStreet (Mumbai) - Gold prices fell after the labor department data showed a more than expected decline in the initial jobless claims last week, while another report showed retail sales declined in February.
Gold: Trades below hourly 50-MA
The metal fell below the hourly 50-MA located at USD 1158.80 as the initial weakness in the USD post disappointing retail sales data did not last long enough. Moreover, the upbeat weekly jobless claims data helped the USD recover losses. Consequently, Gold declined from the high if USD 1161.2 to trade currently at USD 1156/Oz levels; down 0.53% for the day. The metal could extend losses further if the US equity markets strengthen.
Gold Technical Levels
The immediate support is seen at 1155.00, under which losses could be extended to 1147.4. On the flip side, resistance is seen at 1162.54 (5-DMA) and 1173.3 levels.
Gold: Trades below hourly 50-MA
The metal fell below the hourly 50-MA located at USD 1158.80 as the initial weakness in the USD post disappointing retail sales data did not last long enough. Moreover, the upbeat weekly jobless claims data helped the USD recover losses. Consequently, Gold declined from the high if USD 1161.2 to trade currently at USD 1156/Oz levels; down 0.53% for the day. The metal could extend losses further if the US equity markets strengthen.
Gold Technical Levels
The immediate support is seen at 1155.00, under which losses could be extended to 1147.4. On the flip side, resistance is seen at 1162.54 (5-DMA) and 1173.3 levels.