GOLD SLIPS FROM HIGHS ABOVE $1660
Date: 19/3/2012
COMEX Gold futures slipped from highs above $1660 per ounce today, sliding in response to gains in US dollar and a moderate bout of sell off in equities around Asia and Europe. Euro slipped from highs near 1.3200 against the US dollar today, giving up some of the latest gains after bouncing from a one month low of around 1.3000 against the dollar last week.
There have been no major game changers, though key US housing data ahead seems to be leading to some profit selling in broad markets. Gold also came off from highs of 1665.10 per ounce and currently quotes at $1656.10, up 30 cents on the day. The commodity had gained for last two sessions after testing nearly two month lows last week.
Gold still needs to break a few critical technical barriers to get back its mojo. The very first upside resistance for Gold would be crossing the exponential moving average of 100 on daily charts.
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