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13 Apr 2015

Gold wavers above USD 1200/Oz

FXStreet (Mumbai) - Gold prices jumped to USD 1206.6 before settling around USD 1203.4/Oz levels, as the USD index pared gains and dropped below 100.00 levels.

Tests Hourly 200-MA

Prices rose above hourly 200-MA but failed to sustain above the same located at USD 1204.68/Oz. The sudden jump in the prices was largely triggered by the drop in the USD index from a high of 100.27 to 99.71. Meanwhile, mixed action in the major US index futures failed to influence the metal.

The metal may fall back below the USD 1200 mark, in case the US equities make a positive start to the week. A rebound in the USD index too could send the metal lower.

Gold Technical Levels

The immediate resistance is seen at 1209.20, above which prices could rise to 1215.22 (200-DMA). On the flip side, a failure to sustain above 1200.00 could lead to a sell-off towards the 50-DMA located at 1193.54.

Apr 13, 2015

USD/JPY Q2 target at 120 – Scotiabank

Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, expects JPY to prove more contained than others for now versus the USD, maintaining a Q2 target at 120 and year-end target at 125.

AUD shorts better than selling CAD – SG

Kit Juckes of Societe Generale, comments that today’s Chinese data has added pressure on the Aussie, and with oil settling in a range and the Canadian jobs data looking strong, short AUD remains a better option than selling CAD at the current juncture.