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21 May 2015
Gold trades flat around USD 1210/Oz
FXStreet (Mumbai) - Gold prices continue to hover aimlessly around USD 1210/Oz, awaiting fresh fundamental triggers after the Fed minutes turned out to be a non-event in the markets.
US data awaited
The Fed minutes failed to provide clear cues regarding the timing of interest rate hike in the US, consequently, we did not see any major impact on the markets. The investors now await the weekly jobs data in the US, which is expected to show initial jobless claims rose to 271K in the week ended May 15. The jobless claims report would be followed by Existing home sales for April (exp 5.24M, prev 5.19 M) and regional manufacturing indices.
Gold Technical Levels
The immediate resistance is seen at 1215.1 (Apr. 28 high) and 1218 (5-DMA). On the flip side, a break below 1207.28 (200-DMA), could see the prices revisit the daily low at 1203.
US data awaited
The Fed minutes failed to provide clear cues regarding the timing of interest rate hike in the US, consequently, we did not see any major impact on the markets. The investors now await the weekly jobs data in the US, which is expected to show initial jobless claims rose to 271K in the week ended May 15. The jobless claims report would be followed by Existing home sales for April (exp 5.24M, prev 5.19 M) and regional manufacturing indices.
Gold Technical Levels
The immediate resistance is seen at 1215.1 (Apr. 28 high) and 1218 (5-DMA). On the flip side, a break below 1207.28 (200-DMA), could see the prices revisit the daily low at 1203.