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16 Mar 2015
Gold supported by weak US data
FXStreet (Mumbai) - Gold prices managed to hold on to marginal gains after the weaker-than-expected US data hit the wires.
Gold: losses capped at 5-DMA
The yellow metal has managed to recover above 5-DMA located at USD 1155.56/Oz levels on the back of a weak US data. The industrial production number for Febraury missed estimates to print at 0.1%, while manufacturing production contracted 0.2%. Moreover, the previous figures were revised lower.
However, the yellow metal could not gain significantly on weak US data as the stock markets in the US rallied. The DJIA gained 1% to trade at 17,926.50 levels. Furthermore, investors also prefer to stay on the sidelines ahead of the FOMC meeting due this week.
Gold Technical Levels
The immediate resistance is located at 1164.92 (10-DMA), above which gains could be extended to 1173.4. On the flip side, a break below 1156.52 (5-DMA) could push the metal down to 1147.4.
Gold: losses capped at 5-DMA
The yellow metal has managed to recover above 5-DMA located at USD 1155.56/Oz levels on the back of a weak US data. The industrial production number for Febraury missed estimates to print at 0.1%, while manufacturing production contracted 0.2%. Moreover, the previous figures were revised lower.
However, the yellow metal could not gain significantly on weak US data as the stock markets in the US rallied. The DJIA gained 1% to trade at 17,926.50 levels. Furthermore, investors also prefer to stay on the sidelines ahead of the FOMC meeting due this week.
Gold Technical Levels
The immediate resistance is located at 1164.92 (10-DMA), above which gains could be extended to 1173.4. On the flip side, a break below 1156.52 (5-DMA) could push the metal down to 1147.4.