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Gold drops below hourly 200-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold trimmed gains to trade below its hourly 200-MA in early Europe as the metal continues to track EUR/USD pair, which eased to 1.07 levels.

    Drops below 10-DMA

    Prices fell below USD 1082.82 (hourly 200-MA+5-DMA) after having clocked a high of USD 1085.70 levels in Asia. Gold prices have been tracking the EUR/USD pair off late. Gold followed EUR/USD lower after the common currency topped out at Oct 15th.

    The metal also witnessed a spike in the NY session yesterday, tracking a rise in the EUR/USD pair to near 1.0750 levels. Given the US economic calendar is empty, it is likely the metal could continue to track the EUR/USD pair.

    Gold Technical Levels

    The immediate support is seen at 1078.25 (hourly 50-MA), under which the losses could be extended to 1069.55 (previous day’s low). On the higher side, resistance is seen at 1082.82 (hourly 200-MA+5-DMA), above which the doors are opened for a re-test of 1087.51 (previous day’s high).
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