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Gold drops after failing to rise on good news

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold is down 1% today as investors are losing interest in the metal, which failed to rise on good news flow throughout last week.

    Eyes 23.6% Fibo support

    Prices appear on track to extend losses and test $1227 (23.6% Fibo of Dec low-Mar high). Despite dovish Fed and a resulting sell-off in USD, the metal failed to take out the monthly 100-MA hurdle of $1263.

    Brussels terror attacks on Tuesday did trigger a flight to safety, but gold hardly benefited from the haven demand. Consequently, metal was offered today to a session low of $1231.61 levels. Hawkish comments from the Fed officials over the last two days could have weighed over the precious metal.

    Gold Technical Levels

    The immediate support is seen at $1227 (23.6% of Dec low-Mar high), under which prices could test $1211.41 (Feb 26 low) then $1200 (zero figure). Conversely, break above $1240 (Monday’s low) would expose hurdle at $1249.50 (daily high) and $1263 (monthly 100-MA).
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