Gold clocks fresh session high above 200-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold has managed to extend gains above its 200-DMA to clock a fresh session high of USD 1182/Oz levels.

    Gold gains along with stocks

    Prices continued to move higher despite the moderate gains in the US stock markets. The DJIA advanced 0.30% in early trading after two days of moderate losses. The upbeat action in the equities also pulled up the treasury yields.

    However, the USD index extended losses to trade more than 0.30% lower around 96.70, thereby pushing the metal to a high of USD 1182/Oz levels. Moreover, the traders are pushing prices higher ahead of the FOMC rate decision due later today as gold could be the biggest gainer in case the Fed drops a dovish surprise.

    Gold Technical Levels

    The immediate resistance is located at 1184.55 (Oct 16 high), above which the metal could test 1191.57 (Oct 15 high). On the other side, support is seen at 1166 (5-DMA) and 1158.70 (Oct 23 low).
    For more information, read our latest forex news.

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