Gold flirts with hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold prices failed to sustain above 200-DMA and are flirting with the hourly 50-MA located at USD 1174/Oz levels, while US equity indices turned positive.

    Equity futures rise, gold and treasury yields under pressure

    The S&P 500 futures recovered losses to trade 0.5% higher ahead of the opening bell. The uptick weighed over the yellow metal, however, the losses remain restricted around hourly 50-MA due to the weakness in the long duration treasury yields.

    The support of the hourly 50-MA could be taken out in case the treasury yields cheer the rise in the US stocks later in the day.

    Gold Technical Levels

    The immediate resistance is located at 1175.60 (200-DMA), above which the prices could extend gains to 1181 (Oct 20 high). On the other side, a break below hourly 200-MA at 1171.64 would expose 1170.0 (strong resistance earlier this month). A break below the same may lead to a sell-off to 1150.00.
    For more information, read our latest forex news.

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