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13 Apr 2015
Gold drops to lows circa 1205 on poor China data
FXStreet (Mumbai) - Gold prices on Comex edged erased gains and trades mutes in the mid-Asian session, following weak China’s trade data which re-ignited demand concerns from the world’s second largest consumer of the yellow metal, dragging gold prices lower.
Gold slips from 1208 post China data
Currently, gold trades modestly flat at 1205.20 levels, having previously posted day’s high at 1209.30 and day’s low at 1204.30. Gold prices halted its solid recovery from the previous session after the yellow metal regained lost ground and ran through the psychological barrier of USD1200 barrier amid debates induced by still unclear rate hike timing.
However, bearish Chinese trade data which revealed that trade surplus shrank to the lowest levels in 13 months with exports having slumped worse than expected, dampened investors’ sentiments weighing on gold prices.
Meanwhile, the US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades higher by 0.07% at 99.70 levels.
Gold Technical Levels
The metal has an immediate resistance at 1207.08 (10-DMA) and 1210 levels. Meanwhile, support stands at 1202.94 (5-DMA) levels below which doors could open for 1200 levels.
Gold slips from 1208 post China data
Currently, gold trades modestly flat at 1205.20 levels, having previously posted day’s high at 1209.30 and day’s low at 1204.30. Gold prices halted its solid recovery from the previous session after the yellow metal regained lost ground and ran through the psychological barrier of USD1200 barrier amid debates induced by still unclear rate hike timing.
However, bearish Chinese trade data which revealed that trade surplus shrank to the lowest levels in 13 months with exports having slumped worse than expected, dampened investors’ sentiments weighing on gold prices.
Meanwhile, the US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades higher by 0.07% at 99.70 levels.
Gold Technical Levels
The metal has an immediate resistance at 1207.08 (10-DMA) and 1210 levels. Meanwhile, support stands at 1202.94 (5-DMA) levels below which doors could open for 1200 levels.