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Gold: gains capped at 200-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold ran into offers at the high of USD 1172.33/Oz (200-DMA), although losses remain capped around 10-DMA at 1170 levels.

    European equity futures support Gold

    The major European equity futures were trading in the red at the time of writing and were offering support to the yellow metal. The Dax futures were down more than 0.7%. Meanwhile, the pan-European Euro Stoxx 50 futures were down 0.6%.

    Gold, thus, remained resilient around USD 1170/Oz levels. Elsewhere, the sideways action in the USD index is offering little cues to gold.

    Gold Technical Levels

    The immediate resistance is located at 1172.33 (200-DMA), above which the metal could test 1179.45 (Oct 23 high). On the other side, support is seen at 1166 (5-DMA) and 1158.70 (Oct 23 low).
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