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3 Mar 2015
Gold gains as US stocks decline
FXStreet (Mumbai) - Gold prices rose to a session high of USD 1213.6 as the major equity indices in the US declined. The weakness seen in the USD index also helped the safe haven metal strengthen.
Gold: bullish crossover between 5-DMA and 10-DMA
The metal could be supported by the bullish crossover between the 5-DMA and 10-DMA located at USD 1211.04 and USD 1207.11 respectively. Prices currently hover just above the 5-DMA. The metal has been rising steadily from the low of USD 1194.9 seen earlier today in the US session. Gains were extended as the DJIA weakened 0.37% to trade at 18,219, while the S&P declined 0.46% to 2107.60.
Gold Technical Levels
The metal now trades 0.28% higher at USD 1211.80/Oz levels. The immediate resistance is seen at 1216.15 (100-DMA), above which gains could be extended to 1223.1. On the flip side, support is seen at 1207.11 (10-DMA) and 1200.00 levels.
Gold: bullish crossover between 5-DMA and 10-DMA
The metal could be supported by the bullish crossover between the 5-DMA and 10-DMA located at USD 1211.04 and USD 1207.11 respectively. Prices currently hover just above the 5-DMA. The metal has been rising steadily from the low of USD 1194.9 seen earlier today in the US session. Gains were extended as the DJIA weakened 0.37% to trade at 18,219, while the S&P declined 0.46% to 2107.60.
Gold Technical Levels
The metal now trades 0.28% higher at USD 1211.80/Oz levels. The immediate resistance is seen at 1216.15 (100-DMA), above which gains could be extended to 1223.1. On the flip side, support is seen at 1207.11 (10-DMA) and 1200.00 levels.