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Gold awaits US data, struggles to extend recovery

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold prices continue to trade around USD 1070-1072/Oz as traders await the preliminary US manufacturing PMI report and monthly existing home sales figure.

    Rejected at hourly 50-MA

    A weaker-than-expected Chicago Fed national activity index saw the prices spike to hourly 50-MA at 1075.12, before falling back to USD 1070-1072/Oz levels ahead of the US data. The preliminary manufacturing PMI is seen slowing to 53.9 from 54.1, while existing home sales are seen contracting 2.0% in October.

    Meanwhile, the downside in the metal may have been capped by the Treasury yields, which fell off highs to trade with moderate gains.

    Gold Technical Levels

    The immediate resistance is located at 1075.12 (hourly 50-MA), above which the prices could rise to 1080.69 (hourly 200-MA). On the other hand, a break below 1067.47 (daily low) would expose 1063.27 (Nov 18 low).
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