Gold at fresh three-month high, trades above $1150

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Gold prices rose to a fresh three-month high of USD 1155.48/Oz levels in the US session as the uptick in the EUR/USD triggered another wave of selling in the greenback; especially against the safe havens.

    Trades above weekly 50-MA

    The metal is trading above its weekly 50-MA (currently seen at 1142.20) for the first time after late Oct 2015. It remains to be seen if the metal manages to close above the weekly 50-MA for the first time in a year.

    Prices could continue to track USD index and broader market sentiment ahead of the Non-farm payrolls report due tomorrow.

    Gold Technical Levels

    The immediate resistance is seen at 1169.99 (late August high), above which prices could rise to 1182.69 (Oct 28 high). On the other hand, a break below weekly 50-MA (currently seen at 1142.20) could send prices down to 1128.12 (previous week’s high).
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