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Gold hardly moves on Dudley’s comments

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    New York Fed’s Dudley’s take on monetary policy and interest rates has failed to impress gold, which remains largely unaffected just around $1235 levels.

    Trades above hourly 50-MA

    The hourly 50-MA, now seen at $1232 levels, has acted as a strong support in Europe and continues to do so in the US session. Dudley’s comments that “cautious and gradual approach to rate hikes is appropriate” has failed to have a major impact on the metal, although June and December rate hike probability (as represented by CME fed fund futures) inched up slightly.

    The data calendar in the US is empty; hence trading activity may remain subdued heading into the weekend.

    Gold Technical Levels

    The immediate support is noted at $1232 (hourly 50-MA), under which prices could drop to $1216.52 (Apr 6 low). On the other hand, a break above $1239.23 (daily high), above which prices could target $1244.12 (Mar 30 high).
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