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25 May 2015
Gold supported above $ 1200
FXStreet (Mumbai) - Gold prices on Comex recovered slightly from the biggest weekly drop in a month witnessed on Friday and trades muted amid low volumes, while stronger greenback on upbeat US data and Yellen’s comment continue to keep a check on prices.
Gold trades in a narrow range
Currently, gold trades flat at 1204.40, having posted day’s high at 1205.80 and day’s low at 1203.30. Gold consolidates previous losses and remains flat ahead of a data-empty economic calendar globally as the European and US markets remain closed on a national holiday. However, the upside seems limited on the back of persistent broad USD strength.
On Friday, gold booked its steepest weekly drop in four over the past seven days on the back of the recovery in the US dollar following above estimates US CPI figures and Yellen’s hawkish remarks.
Gold Technical Levels
The metal has an immediate resistance at 1215 and 1220 levels. Meanwhile, support stands at 1203 below which doors could open for 1200 levels.
Gold trades in a narrow range
Currently, gold trades flat at 1204.40, having posted day’s high at 1205.80 and day’s low at 1203.30. Gold consolidates previous losses and remains flat ahead of a data-empty economic calendar globally as the European and US markets remain closed on a national holiday. However, the upside seems limited on the back of persistent broad USD strength.
On Friday, gold booked its steepest weekly drop in four over the past seven days on the back of the recovery in the US dollar following above estimates US CPI figures and Yellen’s hawkish remarks.
Gold Technical Levels
The metal has an immediate resistance at 1215 and 1220 levels. Meanwhile, support stands at 1203 below which doors could open for 1200 levels.