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Gold back above 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices recovered part of their losses seen in Asia to trade above its 100-DMA located at USD 1142.60.

    Gold under pressure as stocks rise

    The Asian equity markets traded mixed, while Chinese traders returned to the markets with a bang. However, the 3% rise in the Shanghai Composite largely represented the post-holiday catch up. Meanwhile, the European stocks too are trading in the red after an early wobble.

    Consequently, the safe haven metal has remained under pressure around USD 1144/Oz levels. The metal clocked a low of USD 1140.13/Oz earlier today. The yellow metal could see lacklustre activity heading into the FOMC minutes due later today.

    Gold Technical Levels

    The immediate hurdle is seen at USD 1153.00, above which the immediate resistance is seen at 1156.70 (Sept 24 high), followed by a major hurdle at 1169.99 (Aug 24 high) and 1200 levels. On the downside, a break below 100-DMA at 1142.60 would expose 1132.90 (Nov 2014 low) and 1121.50 (50-DMA).
    For more information, read our latest forex news.
     

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