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Gold drops to Nov 2014 low

FXStreet (Mumbai) - Gold prices dropped into the red to trade around the November 2014 low of USD 1132.90/Oz levels on the back of a stronger US dollar and positive momentum in the stocks.

USD index weighs over gold

The USD index erased moderate losses seen earlier today to trade around 95.70 levels; up 0.40% on the day. The Greenback strengthened on the back of a positive momentum in the European stocks, US index futures and due to the hawkish comments from the Fed’s Bullard.

Consequently, the yellow metal turned lower from the high of USD 1139/Oz to trade around the November 2014 low of USD 1132.90/Oz levels. Ahead in the day, the metal could be influenced by the sentiment on the Wall Street and US housing data.

Gold Technical Levels

At USD 1132/Oz levels, the immediate resistance is seen at 1150.00, above which the prices could rise to 1169.00 (Aug 24 high). On the other side, support is seen at 1116.00 (50-DMA) and 1100.00 levels.

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