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15 May 2015
Gold moves away from 3-month highs, below $1220
FXStreet (Mumbai) - Gold prices on Comex trades deep in red in the late-Asian session, drifting away from fresh three month highs reached at $ 1227.70 in the previous session after a broadly softer US dollar following weak US macro which eventually lowers the odds of a 2015 Fed hike.
Gold trades below $ 1220
Currently, gold trades -0.49% lower at 1219.20, having posted day’s high at 1221.70 and day’s low at 1218.10. Gold retraces from multi-month peak largely on the back of profit-taking as traders preferred to lock-in gains after the recent upsurge.
Meanwhile, the dollar index, which measures the currency's strength against its major peers, trades muted near 93.50 levels.
In the US last session, gold prices rallied to highest levels in three months after a run of sub-par fundamentals including the latest retail sales and PPI data from the US prompted a renewed sell-off in the dollar.
Gold Technical Levels
The metal has an immediate resistance at 1223 and 1227 levels. Meanwhile, support stands at 1215 below which doors could open for 1210 levels.
Gold trades below $ 1220
Currently, gold trades -0.49% lower at 1219.20, having posted day’s high at 1221.70 and day’s low at 1218.10. Gold retraces from multi-month peak largely on the back of profit-taking as traders preferred to lock-in gains after the recent upsurge.
Meanwhile, the dollar index, which measures the currency's strength against its major peers, trades muted near 93.50 levels.
In the US last session, gold prices rallied to highest levels in three months after a run of sub-par fundamentals including the latest retail sales and PPI data from the US prompted a renewed sell-off in the dollar.
Gold Technical Levels
The metal has an immediate resistance at 1223 and 1227 levels. Meanwhile, support stands at 1215 below which doors could open for 1210 levels.