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Gold attempts tepid-bounce, around $ 1085

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices halted its three-day losing streak and bounced-off fresh five-day lows, as the recovery in the Chinese stock markets fizzles, lifting the safe-haven bids for the yellow metal.

    Gold stuck in tight range

    Currently, gold trades almost unchanged at 1085, having posted day’s high at 1090 and day’s low at 1082.80. The demand for the safe-haven picked-up pace and the prices rebounded sharply from lows after the Chinese equities snapped the relief rally and turned back in the red, refuelling the global risks emerging from China’s equity markets volatility.

    However, the bounce in the precious metal looks short-lived as the US dollar continues to remain on the bids against its six major competitors, with the DXY higher to the tune of +0.18% at 99.20.

    Further supporting the gold prices, holdings of the world's largest gold-backed exchange-traded fund, New York-listed SPDR Gold Shares, rose 2.1 tonnes on Monday, data from the fund showed.

    Gold Technical Levels


    The metal has an immediate resistance at 1090 (daily high) and 1098.50 (Jan 12 High). Meanwhile, the support stands at 1080/1079.94 (round number/ 20-DMA) below which doors could open for 1074.40 (50-DMA).
    For more information, read our latest forex news.
     

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