Gold bounced off hourly 200-MA, Eyes hourly 50-MA

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold prices bounced off the hourly 200-MA at USD 1066.87 and now is eyeing the hourly 50-MA located at 1076.74 levels.

    Haven demand supports gold

    The weaker-than-expected Chinese trade data rattled investors, leading to risk-off in Asia, which could hit the European shores as well. Consequently, the yellow metal found bids after having managed to sustain above the hourly 200-MA.

    Ahead in the day, the action in the European stocks could affect the heaven demand for the metal. Meanwhile, traders would continue to track the USD index ahead of the Fed rate decision.

    Gold Technical Levels

    At 1074.24/Oz, the metal faces immediate resistance at 1076.74 (hourly 50-MA), above which the prices could rise to 1080.48 (23.6% of Oct 15 high-Dec 3 low). On the other side, a break below 1066.87 (hourly 200-MA) would expose 1063.27 (Nov 18 low).
    For more information, read our latest forex news.

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