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11 Mar 2015
Gold holds near 3-month lows above USD 1260
FXStreet (Mumbai) - Gold prices on Comex remained near lowest levels in three months in the Asian session, as the greenback continued its upside momentum backed by increased bets of June rate-hike.
Gold supported above 1160 levels
Currently, gold trades flat at 1161 levels, bouncing-off highs previously posted at 1164.30. Gold prices extended losses as the US dollar continues its uptrend from the past seven sessions, denting the yellow metal's safe-haven appeal, while also making it more expensive for holders of other currencies.
However, weakness in global equities and resurgence of Asian demand at lower levels may lend some support to gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1164.20 (5-DMA) and 1170 levels. Meanwhile, support stands at 1160.40 (Today’s low) levels below which doors could open for 1153.80 (March 10 Low) levels.
Gold supported above 1160 levels
Currently, gold trades flat at 1161 levels, bouncing-off highs previously posted at 1164.30. Gold prices extended losses as the US dollar continues its uptrend from the past seven sessions, denting the yellow metal's safe-haven appeal, while also making it more expensive for holders of other currencies.
However, weakness in global equities and resurgence of Asian demand at lower levels may lend some support to gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1164.20 (5-DMA) and 1170 levels. Meanwhile, support stands at 1160.40 (Today’s low) levels below which doors could open for 1153.80 (March 10 Low) levels.