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Gold corrective rally stalls in Europe

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The corrective rally in gold prices seen in Asia ran out of steam in Europe with metal finding itself restricted around USD 1094/Oz levels.

    What's next after 8-day losing streak?

    The odds of the metal continuing its down trend are high since the markets usually seen an extension of the post-Fed moves on Monday. So far, the European session has been quite with nothing going on for risk assets or safe havens.

    The European equities weakened moderately, which could be offering support to the metal. However, the gains are being capped as traders wait to see if the US desks continue bidding up the USD or take profits on the longs initiated on Friday.

    Gold Technical Levels

    At 1094, the immediate resistance is seen at 1100, above which the prices could test 1109.43 (hourly 100-MA). On the other side, support is seen at 1089.18 (daily low) and 1085.44 (daily low), under which the losses could be extended to 1070 (July lows).
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