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Gold above 200-DMA, will it sustain?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices are trading marginally above its 200-DMA located at USD 1172.72/Oz, although prices are having a hard time extending gains.

    Rising stocks cap gains

    The strength in the European stock markets and the resulting positive action in the US index futures is making it difficult for the gold bulls take it even higher. Meanwhile, the USD index has weakened moderately to trade below 97.00 handle and is offering support to the metal.

    It remains to be seen if the metal manages to sustain above 200-DMA ahead of the FOMC rate decision due later in the day.

    Gold Technical Levels

    The immediate resistance is located at 1179.45 (Oct 23 high), above which the metal could test 1191.57 (Oct 15 high). On the other side, support is seen at 1166 (5-DMA) and 1158.70 (Oct 23 low).
    For more information, read our latest forex news.
     

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