Gold struggles to extend gains

May 21, 2015

Gold prices clocked a fresh session high of USD 1212.5, although prices are struggling to rise further despite signs of weakness in the USD index. 

Gold supported by weak USD

The yellow metal strengthened moderately as the US dollar weakened against the basket of currencies in the European session. The USD index weakened 0.36% to trade at 95.31 levels. Still, the yellow metal is having a tough time extending gains over and above USD 1215 levels as the Fed minutes released in the previous session were largely neutral. 

Ahead in the day, the investors will watch out for the macro data out of the US – weekly jobless claims, Existing home sales, 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. 

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