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Gold: hovers around 200-DMA

FXStreet (Mumbai) - Gold prices are trading in the sideways manner above the 200-DMA located at USD 1175.89/Oz levels.

Focus on Yellen speech

The metal found support from the 0.20% drop seen in the USD index. Meanwhile, moderate weakness in the US stocks is also keeping the metal on a positive footing.

The investors await Fed’s Yellen comments for clues regarding the timing of the interest rate hike in the US. Meanwhile, talk of US debt ceiling issue is gathering pace and may help the metal maintaining its gains above 200-DMA.

Gold Technical Levels

At USD 1176/Oz, the immediate resistance is seen at the daily high of 1180.40, above which the metal could test 1200 levels. On the lower side, support is seen at 1175.89 (200-DMA), under which prices may re-test the daily low at 1167.10 levels.

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