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5 May 2015
Gold prints fresh session high
FXStreet (Mumbai) - Gold prices rose to a fresh session high of USD 1194.5/Oz ahead of the data in the US, which could show the service sector activity continued to expand in April.
Gold trades above hourly 200-MA
The metal rose above the hourly 200-MA resistance located at 1191.08, as the USD index slowly pared gains to trade largely unchanged for the day. The Markit services PMI is expected to remain unchanged at 57.8 in April. On similar lines, the ISM non-manufacturing is also expected to remain unchanged at 56.5.
In the meantime, with Greek yields rising, the safe haven demand could have helped the yellow metal rise to fresh session high. Earlier today, the metal also received a minor boost from the interest rate cut announced by the RBA.
Gold Technical Levels
The immediate resistance is located at 1200.00, above which gains could be extended to 1207.4. On the flip side, a break below 1190.00 could see the metal re-test 1182.53 (hourly 50-MA).
Gold trades above hourly 200-MA
The metal rose above the hourly 200-MA resistance located at 1191.08, as the USD index slowly pared gains to trade largely unchanged for the day. The Markit services PMI is expected to remain unchanged at 57.8 in April. On similar lines, the ISM non-manufacturing is also expected to remain unchanged at 56.5.
In the meantime, with Greek yields rising, the safe haven demand could have helped the yellow metal rise to fresh session high. Earlier today, the metal also received a minor boost from the interest rate cut announced by the RBA.
Gold Technical Levels
The immediate resistance is located at 1200.00, above which gains could be extended to 1207.4. On the flip side, a break below 1190.00 could see the metal re-test 1182.53 (hourly 50-MA).