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12 Mar 2015
Gold back below USD1160
FXStreet (Mumbai) - Gold prices on Comex extended gains and remained elevated as the US dollar halted its rally today, but still managed to keep their 2003 highs on the back of earlier Fed rate hike bets.
Gold shines amid USD weakness
Currently, gold trades higher by 0.59 % at 1157.20 levels, bouncing-off highs previously posted at 1165.50. Gold prices rebounded as the US dollar retreated from multiyear peak reached earlier in the session. The US dollar index fell -0.26% to 99.38; however, remains near its 12-year high on the back of prospects for an earlier Fed rate hike.
Dollar-priced commodities always react negatively when the US currency firms, as it makes them more expensive in other currencies and therefore less attractive to foreign traders.
Gold Technical Levels
The metal has an immediate resistance at 1165 and 1170 levels. Meanwhile, support stands at 1149.30 (Today’s low) levels below which doors could open for 1146.50 (March 11 Low) levels.
Gold shines amid USD weakness
Currently, gold trades higher by 0.59 % at 1157.20 levels, bouncing-off highs previously posted at 1165.50. Gold prices rebounded as the US dollar retreated from multiyear peak reached earlier in the session. The US dollar index fell -0.26% to 99.38; however, remains near its 12-year high on the back of prospects for an earlier Fed rate hike.
Dollar-priced commodities always react negatively when the US currency firms, as it makes them more expensive in other currencies and therefore less attractive to foreign traders.
Gold Technical Levels
The metal has an immediate resistance at 1165 and 1170 levels. Meanwhile, support stands at 1149.30 (Today’s low) levels below which doors could open for 1146.50 (March 11 Low) levels.