Gold firmer near $ 1081, ignores USD rebound

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The yellow metal keeps its upbeat momentum intact in Asia, despite the USD bulls jumping back into the bids after the technical correction seen on Thursday.

    Gold heads towards hourly 200-SMA at 1082.56

    Currently, gold rises 0.31% near fresh session highs of 1081.60, recovering from a brief dip to 1077.30 reached in overnight trades. Gold prices ticked higher this session, extending the rebound witnessed on Thursday, as the dull start in the Asian markets boosts the demand for the bullion as a higher yielding asset.

    The yellow metal ignored the hawkish comments from Fed official including the latest from Fed’s Fischer as investors continue to cover their gold short positions after the recent decline to multi-year lows, heading into weekly closing.

    In the day ahead, the bullion will continue to track the broad market sentiment in absence of relevant economic updates while Fed member Dudley’s speech will be closely heard for further momentum.

    Gold Technical Levels

    The metal has an immediate resistance at 1082.56 (1h 200-SMA) and 1086.60 (Nov 19 High). Meanwhile, the major support stands at 1077.88 (1h 100-SMA), below which doors could open for 1070 (round number).
    For more information, read our latest forex news.

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