23 Mar 2015
Gold moves away from fresh 2-week highs
FXStreet (Mumbai) - Gold prices on Comex consolidated previous gains above USD 1180 levels during the Asian session and edged slightly lower ahead of Europe open on profit-taking and also as higher Asian equities dulled gold’s appeal as an alternative asset.
Gold holds above USD 1180
Currently, gold trades lower by -0.26% at 1181.90 levels, bouncing-off highs previously posted at 1186.60. Gold prices gave back last week’s gains and fell in to losses largely on the back of a fresh bout of profit-taking after the biggest weekly gain nourished by dovish FOMC.
Moreover, in an evidence of diminishing investors’ confidence in the yellow metal, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.72% to 744.40 tonnes on Friday - the lowest since late January.
Also, Hedge funds and money managers slashed their bullish bets in gold and silver futures and options for a sixth straight week in the week ended March 17, US CFTC data showed, which also keeps gold prices subdued.
Gold Technical Levels
The metal has an immediate resistance at 1187 and 1200 levels. Meanwhile, support stands at 1180 levels below which doors could open for 1174.50 (5-DMA) levels.
Gold holds above USD 1180
Currently, gold trades lower by -0.26% at 1181.90 levels, bouncing-off highs previously posted at 1186.60. Gold prices gave back last week’s gains and fell in to losses largely on the back of a fresh bout of profit-taking after the biggest weekly gain nourished by dovish FOMC.
Moreover, in an evidence of diminishing investors’ confidence in the yellow metal, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.72% to 744.40 tonnes on Friday - the lowest since late January.
Also, Hedge funds and money managers slashed their bullish bets in gold and silver futures and options for a sixth straight week in the week ended March 17, US CFTC data showed, which also keeps gold prices subdued.
Gold Technical Levels
The metal has an immediate resistance at 1187 and 1200 levels. Meanwhile, support stands at 1180 levels below which doors could open for 1174.50 (5-DMA) levels.