Gold rate awaits fresh cues

Mumbai-India (Apr 15)  Gold prices trade lackluster around the 50-DMA at USD 1191.96/Oz levels, as investors await the European central Bank meeting and US industrial production data.

Supported by hourly 200-MA

The metal has been able to sustain above the hourly 200-MA located currently located at USD 1187.23. The metal had taken a hit as the US dollar rallied during the early European session. However, prices managed to hold above the hourly 200-MA due to a weaker Chinese data. The possibility of a German economic slowdown in Q1 expressed by the country’s economic ministry also supported the safe haven metal.

Investors now await the European Central Bank meeting, which could create volatility in the USD index. Similarly, the US industrial production data could also influence the yellow metal.

Gold Technical Levels

The immediate resistance is seen at 1192.5, above which gains could be extended to 1200 (hourly 100-MA). On the flip side, a break below 1187.23 (hourly 200-MA), could drive the prices lower to 1178.5.

Source: FXstreet