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12 Mar 2015
Gold hits fresh session highs above USD 1155
FXStreet (Mumbai) - Gold prices on Comex moved away from close to lowest levels in three month in the Asian session, as the greenback took a breather in its rally and eased from fresh twelve year highs.
Gold supported above 1150 levels
Currently, gold trades higher by 0.32% at fresh session highs of 1155.20 levels, bouncing-off lows previously posted at 1149.30. Gold prices rebounded as the US dollar retreated from multiyear peak reached earlier in the session. The US Dollar index jumped to fresh 12 year highs at 100.05 levels and now trades at 99.87 levels.
However, strengthening global equities and increasing expectations of a near-term interest rate rise in the US are likely to keep a lid on gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1160.26 (5-DMA) and 1165 levels. Meanwhile, support stands at 1149.30 (Today’s low) levels below which doors could open for 1146.50 (March 11 Low) levels.
Gold supported above 1150 levels
Currently, gold trades higher by 0.32% at fresh session highs of 1155.20 levels, bouncing-off lows previously posted at 1149.30. Gold prices rebounded as the US dollar retreated from multiyear peak reached earlier in the session. The US Dollar index jumped to fresh 12 year highs at 100.05 levels and now trades at 99.87 levels.
However, strengthening global equities and increasing expectations of a near-term interest rate rise in the US are likely to keep a lid on gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1160.26 (5-DMA) and 1165 levels. Meanwhile, support stands at 1149.30 (Today’s low) levels below which doors could open for 1146.50 (March 11 Low) levels.