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Gold down for fifth straight session

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices fell for the fifth consecutive session on Tuesday as the USD scored across the board gains in the European session.

    Rejected at 100-DMA

    The metal saw moderate gains in Asia as it rose to its 100-DMA at USD 1138/Oz, but failed to pierce through and turned lower as the USD enjoyed a rise in demand in Europe. At the moment, the metal is trading around USD 1129/Oz levels.

    The attention now is on the US factory orders and more so on the ECB Draghi’s speech. The sharp losses in the EUR/USD pair following Draghi’s speech could lead to more USD gains across the board and lower gold prices.

    Gold Technical Levels

    The immediate support now stands at 1126.78 (Aug 13 high), which is followed by a major support at 1120.68 (61.8% of Jul low-Oct high). On the other hand, a recovery above 1132.90 (Nov 2014 low) could open doors for a re-test of 1138.15 (100-DMA).

    For more information, read our latest forex news.
     

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