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19 Mar 2015
Gold slowly recovers losses
FXStreet (Mumbai) - Gold prices recovered from the low of USD 1159.6, tracking the losses in the US equity markets and a slight decline in the USD index from the highs seen during the European session.
Weak stocks supports the safe haven metal
The yellow metal found support from the weakness in the US equity markets. At the moment, the DJIA is down 0.395 at 18,005.50 levels. Meanwhile, the USD index has cooled off to 99.28 from the high of 99.52 seen earlier today.
The metal saw its gains being restricted at USD 1177.8 levels earlier today as the USD made a strong comeback from the post-FOMC sell-off. Gold could extend gains further if the stock markets in the US extend the slide.
Gold Technical Levels
The metal currently trades at USD 1168.50/Oz levels; up 1.49% for the day. The immediate resistance is seen at 1177.8, above which gains could be extended to 1190.00 levels. On the flip side, a break below 1163.7 could drive the prices lower to 1150.00 levels.
Weak stocks supports the safe haven metal
The yellow metal found support from the weakness in the US equity markets. At the moment, the DJIA is down 0.395 at 18,005.50 levels. Meanwhile, the USD index has cooled off to 99.28 from the high of 99.52 seen earlier today.
The metal saw its gains being restricted at USD 1177.8 levels earlier today as the USD made a strong comeback from the post-FOMC sell-off. Gold could extend gains further if the stock markets in the US extend the slide.
Gold Technical Levels
The metal currently trades at USD 1168.50/Oz levels; up 1.49% for the day. The immediate resistance is seen at 1177.8, above which gains could be extended to 1190.00 levels. On the flip side, a break below 1163.7 could drive the prices lower to 1150.00 levels.