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Gold drops to fresh lows below 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Gold is getting pounded in the early US session with prices hitting a session low of USD 1138.90/Oz levels.

    Trades below hourly 100-MA

    Fresh offers came-in fast once the metal fell below 100-DMA at USD 1142.58/Oz and extended losses to print a session low below hourly 100-MA located at USD 1140.78/Oz levels. The sharp recovery in the USD index from the daily lows put pressure on the yellow metal.

    The focus now shifts to the US weekly jobless claims and FOMC minutes due later today. At the moment, the metal is trading around USD 1139/Oz levels.

    Gold Technical Levels

    The immediate resistance is seen at 1140.78 (hourly 100-MA), followed by another resistance at 1142.58 (100-DMA), above which the metal could extend gains to 1150 levels. On the other side, support is seen at 1132.90 (Nov 2014 low) and 1123.42 (hourly 50-MA).
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