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Gold at fresh lows ahead of US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices extended the drop to hit a fresh session low of USD 1134.15/Oz amid rising treasury yields ahead of the US manufacturing data.

    Drops to 50% Fib level

    The metal fell to USD 1134.15, which is the 50% fib retracement of the move from the July low to Oct high. The metal took out 100-DMA support at USD 1138.70 as the European equities ignored the drop in the Chinese PMI and cheered upbeat domestic PMIs.

    The treasury yields also followed European stocks higher, although the USD index failed to strengthen, despite which the metal edged lower. The focus now shifts to the US ISM manufacturing figure, which could show the activity stalled in October.

    Gold Technical Levels

    A break below 1134.15 (50% of Jul low to Oct high), could push the metal lower to 1130.25 (Oct 5 low). On the higher side, 100-DMA at 1138.70 and 50-DMA 1140.408 would open doors for a rise to 1147.69 (38.2% of Jul low to Oct high).
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