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14 Apr 2015
Gold hovers near fresh2-week lows
FXStreet (Mumbai) - Gold prices on Comex trades remains deep in red during the European session, sliding to lowest in two weeks as traders anticipate a rebound in US retail sales which would bolster the greenback, weighing on yellow metal prices.
US retail sales data in focus
Currently, gold trades -0.70% lower at 1190.90 levels, having previously posted two week lows at 1187.50. Gold prices extends its for the second straight session with the market waiting for more significant greenback moves that are likely to come later in the day with the release of the US retail sales report.
Meanwhile, the US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades flat at 99.80 levels.
In the previous session, gold prices tumbled almost USD 11 on bearish Chinese trade data which revealed that trade surplus shrank to the lowest levels in 13 months with exports having slumped worse than expected, dampening investors’ sentiments.
Gold Technical Levels
The metal has an immediate resistance at 1195 and 1200 levels. Meanwhile, support stands at 1187.50 levels below which doors could open for 1180.50 levels.
US retail sales data in focus
Currently, gold trades -0.70% lower at 1190.90 levels, having previously posted two week lows at 1187.50. Gold prices extends its for the second straight session with the market waiting for more significant greenback moves that are likely to come later in the day with the release of the US retail sales report.
Meanwhile, the US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades flat at 99.80 levels.
In the previous session, gold prices tumbled almost USD 11 on bearish Chinese trade data which revealed that trade surplus shrank to the lowest levels in 13 months with exports having slumped worse than expected, dampening investors’ sentiments.
Gold Technical Levels
The metal has an immediate resistance at 1195 and 1200 levels. Meanwhile, support stands at 1187.50 levels below which doors could open for 1180.50 levels.