Gold Turns Negative as USD Strengthens
Profit taking on USD shorts ahead of the weekend weighed over Gold as well, pushing the metal into the negative territory in European session.
Rejected at $1266
Prices clocked a high of $1266, before dollar shorts began unwinding, sending the greenback moderately higher across the board. The USD index currently trades 0.27% higher on the day. Consequently, metal fell from the Asian session high to trade 0.35% lower on the day around $1260/Oz levels.
A dip from the daily highs also marked another failure to sustain above monthly 100-MA of $1263 levels. Ahead in the day, focus remains on the action in the USD index and major European stock markets.
Gold Technical Levels
The immediate hurdle is noted at $1263 (monthly 100-MA), above which metal could test offers around $1270.93 (previous day’s high). On the other hand, a break below $1254.42 (previous day’s low) would expose $1236.93 (Mar 10 low).
(Market News Provided by FXstreet)
