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Gold extends gains in Europe on weak USD index

FXStreet (Mumbai) - Gold prices extended gains in the European session on the back of weakness in the USD index.

Nears 100-DMA

Prices are trading within a touching distance from the 100-DMA located at USD 1139/Oz levels. The USD index weakened 0.25% to trade around 96.15 levels, helping the yellow metal extend gains for the second session.

The metal clocked a low of USD 1129.30/Oz levels to trade around USD 1137/Oz levels. Ahead in the day, the prices could be influenced by the US durable goods orders figure and Fed chairwoman Yellen’s speech.

Gold Technical Levels

The immediate resistance is located at 1139 (100-DMA), above which the prices could test 1150 levels. On the other side, support is seen at 1132.90 (Nov 2014 low) and 1118 (50-DMA).

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