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Gold fails to sustain above key Fib

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices witnessed moderate strength after 5-day losing streak, but failed to sustain above USD 1120.68 (61.8% of July low-Oct high).

    Awaits US data

    Traders await the US ADP October private sector employment report, which will be followed by the US ISM non-manufacturing report. Moreover, the traders would be interested to see if the service sector added more jobs in October.

    At the moment, the metal is trading around USD 1118.36/Oz levels. The USD index advanced in Europe, which appears to have capped the upside in the metal.

    Gold Technical Levels

    The immediate resistance is seen at USD 1120.68 (61.8% of July low-Oct high), above which the gains could be extended to 1128.65 (hourly 50-MA). On the other side, support is seen at 1114.41 (previous day’s low) and 1100 levels.
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