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8 Jan 2015
Gold extends losses as USD continues to strengthen
FXStreet (Mumbai) - Gold prices declined in the European session as the US dollar extended gains on strength in the US Treasury yields.
The yellow metal traded 0.40% lower at USD 1205.80/Oz levels, compared to the previous session’s close of USD 1210.70/Oz levels. The metal came under pressure earlier today, even though the Federal Reserve (Fed) minutes revealed policy makers do not see an interest rate hike before April. However, the minutes remained silent over the strength in the USD, which hurt the yellow metal. Moreover, the metal extended decline as the USD continued to strengthen across the board.
Furthermore, the strength in the European equities seen today reduced the safe haven demand for the metal.
Gold Technical Levels
Gold has an immediate support located at 1202.22 (50-DMA), under which the metal could test 1195.98 (10-DMA). Meanwhile, resistance is seen at 1214.1 and 1220.00 levels.
The yellow metal traded 0.40% lower at USD 1205.80/Oz levels, compared to the previous session’s close of USD 1210.70/Oz levels. The metal came under pressure earlier today, even though the Federal Reserve (Fed) minutes revealed policy makers do not see an interest rate hike before April. However, the minutes remained silent over the strength in the USD, which hurt the yellow metal. Moreover, the metal extended decline as the USD continued to strengthen across the board.
Furthermore, the strength in the European equities seen today reduced the safe haven demand for the metal.
Gold Technical Levels
Gold has an immediate support located at 1202.22 (50-DMA), under which the metal could test 1195.98 (10-DMA). Meanwhile, resistance is seen at 1214.1 and 1220.00 levels.