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Gold back in the green as Fed rate hike bets stay unchanged

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices have moved back into the positive territory as the Fed March 2016 rate hike probability erased minor spike to fall back to square one, while regional manufacturing indices screamed slowdown.

    Gold back to square one

    Prices are back to trade around USD 1185/Oz levels, where it consolidated throughout the European session. The March 2016 rate hike bets saw a minor spike to 52%, before falling back to pre-data level of 49%.

    Meanwhile, the Philadelphia Fed business outlook index printed at -4.5, beating the estimated drop of -1.0. The new orders fell sharply along with employment and investment index, indicating a sharp slowdown. Consequently, the metal moved higher to USD 1185/Oz levels.

    Gold Technical Levels

    The immediate resistance is seen at 1189.83 (previous day’s high), followed by a hurdle at 1200. A break above the same could open doors for a rally to 1232.41 (May 18 high). On the other side, a break below 1174.50 (daily low) could push the prices lower to 1170.13 (Aug 24 high).
    For more information, read our latest forex news.
     

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