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Gold extends losses, tests 50-DMA

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold extended losses on strong US dollar, with prices now flirting with 50-DMA support located at $1219 levels.

    Eyes Fed minutes

    Dollar index rose 0.40% to trade above 95.00 levels, while oil strength helped calm equity markets. Hence, gold extended losses and fell to 50-DMA support. Prices have challenged bids around 50-DMA repeatedly since last three trading days, but failed to cut through the same on daily closing basis.

    Traders now await Fed minutes release, which would throw a light on the possible timing of the next rate hike in the US.

    Gold Technical Levels

    Acceptance immediate support at $1219.05 (50-DMA) would open doors for a slide to $1207.69 (Mar 28 low) and 1200 levels. On the higher side, violation at $1244.12 (Mar 30 high) would expose $1253.32 (Feb 24 high) and $1260 (Mar 22 high).
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