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Gold extends losses, down 1%

FXStreet (Mumbai) - Gold prices now trade more than 1% lower on the day around USD 1165/Oz levels despite weakness in the treasury yields and mixed action in the major US index futures.

Offered below hourly 50-MA

The metal was offered heavily once prices fell below hourly 50-MA located at USD 1173.80 levels. Prices have also taken out the hourly 200-MA located at USD 1171.50 levels.

Meanwhile, the Dow Jones Industrial Average (DJIA) rose 0.3%, while S&P 500 and Nasdaq trade with moderate losses. Even the USD index is trading flat. Overall, the drop in the metal appears to have been triggered due to profit taking, since the treasury yields have edged lower as well.

Gold Technical Levels

The immediate resistance is located at 1171.66 (hourly 200-MA), followed by a hurdle at 1173.62 (hourly 50-MA), above which the metal could re-test 1179.24 (daily high). On the other side, a break below 1156.72 (Sep 24 high) would open doors for a re-test of strong support at 1140.60 (100-DMA) and 1132.90 (Nov 2014 low).

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