Friday, September 25, 2015

Gold extends slide in Europe, down 1%

FXStreet (Mumbai) - Gold prices extended the decline in the European session as the safe haven demand dropped on account of the rally in the stock markets.

Offered closer to 100-DMA

The metal ran into offers above its 50-DMA on Thursday and stalled once again near the same earlier today after the Fed chairwoman Yellen said the rates could rise in 2015. The safe haven demand declined as the pan-European Euro Stoxx 50 index rallied more than 2%.

The metal currently trades around USD 1142.89/Oz levels; down 1% on the day. The 0.5% gain seen in the USD index is also adding to the downside pressure on the metal.

Gold Technical Levels

The immediate resistance is located at 1150.00 (100-DMA), above which the prices could re-test the previous session’s high at 1156.70. On the other side, support is seen at 1141.73 (Sep 18 high), under which the losses could be extended to 1136.23 (5-DMA).
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