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Gold breaks below $1,200.00 as risk appetite stays

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold has extended its losses in Asia, down $16 since the close of the North American session, currently trading at $1,192.00, below the key $1,200.00 handle, setting a new 3-day low as risk appetite continues to pick up.

    Gold dumped as risk improves

    The improved mood in equities and other inter-related markets, has benefited, for a second day in a row gold sellers. The Nikkei 225 trades up by 1.04% ahead of the re-open of afternoon trade, with SP500 futures trading also higher in sync, while demand for US 30-yr bonds abates, resulting in less need to tap into gold as an insurance policy amid the steady recovery in prices.

    Key levels for the day

    On the downside, should the selling pressure persist, $1,190.00 is first support (old resistance from Oct 2015 peak), followed by $1,180.00 (Feb 10th low) ahead of deeper pullback towards $1,150.00 area (50% fib retrac 2016 bull run). On the upside, $1,200.00 becomes now key, followed by $1,210/15.00 (intraday swing high + daily pivot) ahead of $1,132.00 (old intraday base turned resistance on retest).
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