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Gold back to square one as US stocks recover losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold prices are back to square one; trading in losses around USD 1190 levels as the stock markets in the US quickly recovered early losses.

    Profit taking resumes

    The metal hit an intraday low of USD 1185.40 earlier today before the risk-off mood in the European equities triggered fresh demand for the safe haven metal. Prices rose to USD 1198.87 levels in early US session.

    However, profit taking in the metal appears to have resumed since the major equity indices – Dow and S&P recovered losses. The tech index Nasdaq is up 0.30%. With no major data due today, the metal remain at the mercy of the action in the equity markets.

    Gold Technical Levels

    The immediate resistance is seen at 1200, above which prices could target 1205.80 (June 18 high). On the other hand, a break below 1183.00 (Oct 28 high) would expose 1174.50 (previous day’s high).
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