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Gold completes 23.6% retracement of uptrend from December low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold prices fell in Asia and remains on a weak footing around USD 1211.94 (23.6% Dec low - Feb high) on account of profit taking amid corrective rally in equities.

    Focus on stocks

    The major index futures in Europe are pointing to a relief rally in the major equity indices. Consequently, the correction in gold may continue. The uptick in stocks is helping the USD index as well, which adds to the bearish metal on gold.

    Later in the day, the trading activity may dip on account of a holiday in the US. As of now, the spot is trading around 1212/Oz levels.

    Gold Technical Levels

    The immediate resistance is seen at 1232.41 (May 18 high), above which the prices could target 1263.37 (latest cyclical high). On the other hand, a breakdown of 1200 could see prices extend the drop to 1191.57 (Oct 15 high).
    For more information, read our latest forex news.
     

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