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Gold above 23.6% Fib on USD weakness

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices took out USD 1080.48/Oz; 23.6% Fib retracement level Oct 15 high-Dec 3 low; on the back of a broad based USD weakness.

    Clocks a high of 1085.47

    The metal clocked a high of USD 1085.47/Oz, before the momentum stalled around USD 1083/Oz levels. The USD is being offered across the board in the US session. The USD index currently trades 0.73% lower at 97.70 levels.

    The gains in the hard currency, up 0.8%; is in line with majors like the EUR, GBP and JPY, which are up 0.80% against the USD. The metal could extend gains on safe haven appeal if the risk-off worsens after the US opening bell.

    Gold Technical Levels

    The immediate resistance is seen at 1088.85 (Dec 4 high), above which the gains could be extended to 1100 levels. On the other hand, a dip below 1080.48 (23.6% Of Oct 15 high-Dec 3 low) would open doors for a drop to 5-DMA seen now at 1076.13.
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