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Gold clocked fresh session high above 10-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold prices clocked a fresh session high of USD 1072/Oz; slightly above the 10-DMA at USD 1071/Oz levels.

    Tests hourly 200-MA

    Prices rose above the hourly 200-MA at USD 1071.80/Oz for a brief moment before falling back below the same. The spike lacks any fundamental trigger. Moreover, even the related markets contradict the uptick in Gold. The treasury yields, which usually move in the opposite direction to gold, have inched higher as well.

    The erratic moves could continue ahead of the FOMC rate decision due later today amid low liquidity and caution ahead of the FOMC decision.

    Gold Technical Levels

    At USD 1071.40/Oz, the immediate resistance is seen at 1072.97 (daily high), above which the gains could be extended to 1080.48 (23.6% of Oct high-Dec low). On the other hand, a failure to take out the hourly 200-MA at USD 1071.80 could trigger a break below 1058.41 (previous day’s low), and that would expose 1050.50 (Dec 2 low).
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