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Gold clocks a 4-day high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold prices extended gains seen in Europe to hit a four-day high of $1238.37/Oz levels as the flight to safety gathered pace on signs the risk-off has hit the US shores.

    Eyes US data

    The oil-driven risk-off appears to have hit the Wall Street as the S&P futures are down more than 1%. However, the upside in the metal is being capped by a 0.45% advance in the USD index.

    Consequently, prices backed off from the daily high to trade around $1235. Traders await the US preliminary services PMI and new home sales data release.

    Gold Technical Levels

    The immediate resistance is seen at 1240 (Feb 18 high), above which prices could rise to 1246.13 (Feb 12 high). On the other hand, a break below 1220.23 (hourly 100-MA) would expose 1212 (23.6% of Dec low-Feb high).
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