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Gold Analysis - XAU/USD: Could take-out 100-DMA resistance on dismal US trade data?

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The XAU/USD pair (gold prices in terms of the US dollar) rallied to fresh two-week highs at 1142.06 levels on Monday, extending its effort to conquer the downward sloping 100-DMA located at 1144.50 levels. The prices found the catalyst in the worse-than expected US ISM non-manufacturing PMI report, which dragged the greenback lower. The US services sector data reported by ISM showed a drop to 56.9 versus 58.0 estimates. The data added to the recent streak of weak US fundamentals, thus raising

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