Gold revisited 5-year low of USD 1063/Oz set earlier this month on the back of a rise in the USD index above 100.00 levels.
Prices trim losses
The metal has managed to take back part of its losses to trade around USD 1066/Oz levels. The recovery in the European stocks followed by a move higher pushed the EUR/USD below 1.06 levels and triggered a broad based USD rally. Consequently, the USD index rose above 100.00 levels.
Heading into the weekend, the prices could continue to track the movement in the USD index.
Gold Technical Levels
The immediate support is located at 1063 (Nov 18 low+daily low), under which a major support is seen directly at 1032.30 (Mar 2008 high) on the monthly chart. On the higher side, the hourly 50-MA at 1071.46 and the hourly 200-MA at 1074.13 could offer resistance.