Gold price trades above 200-DMA

New York (Apr 28)  Gold prices extended gains to trade above their 200-DMA located at USD 1209.98/Oz on a weaker-than-expected US consumer confidence and regional manufacturing data.

Gold strengthens 0.70%

The metal is up 0.70% for the day at USD 1212.2/Oz after the US consumer confidence data for April missed the expectation of 102.5 to print at 95.2. The Richmond Fed manufacturing index fell to -3, beating the estimate of -2.

Meanwhile, the drop in the US equity markets is also supporting gains in the yellow metal. The DJIA has dropped 0.57%, thereby helping the safe haven metal gain strength. Focus now shifts to the US Federal Reserve policy statement due for release tomorrow.

Gold Technical Levels

The immediate resistance is seen at 1215.20, above which gains could be extended to 1224.4. On the flip side, a break below 1209.98 could drive the prices lower to 1200 levels.

Spot silver price rises 1.51% to $16.61 - and platinum jumps $8 to 1151, while palladium is basically flat at $777.

Source: FXstreet