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Gold eases to hourly 50-SMA in Asia

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The yellow metal is seen correcting lower in the Asian trades, after having settled near two-week highs on Tuesday.

    Gold finds good support at hourly 50-SMA at 1074.39

    Currently, gold trades -0.19 lower at 1076.10, unable to sustain at higher levels. Gold prices drifted lower this session as markets resorted to profit-taking after the bullion failed to hold near two-week highs reached at $ 1083 on Monday.

    Moreover, stabilizing China’s stock markets after reports hit the wires that China will keep the ban on short-selling in place for now, also weighed slightly on the safe-haven. While the gold traders appear to ignore the risk-off moods persisting in the markets as the focus remains on the developments surrounding China.

    Looking ahead, markets remain unnerved ahead of a fresh batch of US economic updates and the main risk event for gold, the FOMC minutes, due later today.

    Gold Technical Levels

    The metal has an immediate resistance at 1083 (Jan 4 High) and 1086.50 (Dec 7 High). Meanwhile, the support stands at 1070.26 (1h 200-SMA), below which doors could open for 1063.20 (Jan 4 Low).

    For more information, read our latest forex news.

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