Gold extends gains as USD gets sold

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold prices continue to rise, clocking another session high of USD 1157/Oz levels as the markets continue to ditch the US dollar heading into the weekend.

    Hovers around USD 1155/Oz

    The metal now trades around USD 1155/Oz levels. The buying interest in the metal has been on the rise since dovish Fed on September 17th, followed by a horrible non-farm payrolls number released last week.

    The latest surge in demand appears to have been triggered by the dovish Fed and the resulting slide in the USD index; which has extended losses to trade below 95.00 handle. Ahead in the day, the US import price index figure could affect the metal, although a weekly gain looks like a done deal.

    Gold Technical Levels

    At USD 1154/Oz, the immediate resistance is seen at 1156.70 (Sept 24 high), followed by a major hurdle at 1169.99 (Aug 24 high) and 1200 levels. On the downside, a break below 100-DMA at 1143.25 would expose 1132.90 (Nov 2014 low) and 1121.50 (50-DMA).
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