Gold bulls lose grip again around $1280

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Gold bulls ran out of steam again as prices neared $1280 levels on signs of stability in the USD index following Thursday’s sharp sell-off.

    Eyes European equities

    ECB’s Bazooka was not well received by the markets, which is evident from a 2% drop seen in Germany’s DAX index. Gold strengthened on account of haven appeal, rising from $1237 to $1273 levels post ECB decision.

    The metal could continue to track the European indices today. Meanwhile, USD index is showing signs of stability, which could weigh over metal prices.

    Gold Technical Levels

    Prices currently trade around $1270/Oz levels. The immediate support is seen at 1255.82 (10-DMA), under which prices could drop to 1237 (previous day’s low). On the other hand, a break above 1283 (daily high) would open doors for a test of psychological resistance of 1300 handle.
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