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Gold hits 3-month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Gold broke above previous highs and jumped to $1128.75/oz hitting the highest level since November 3. The pair then pulled back modestly and it was trading around $1126, $10 above Friday’s closing price.

    The yellow metal gained momentum after manufacturing data from the US. The PMI Markit missed estimates, but stayed above 50.00, while the ISM climbed to 48.2, slightly above expectations but remained under 50.00.

    Again gold prices are rising while equities price decline. In Europe main indexes area headed toward losses of around 1% while in the US, the Dow Jones was down 0.58% and the Nasdaq was losing 0.52%. Crude oil was falling 4% with the (WTI) barrel around $32.10.

    A good start

    The yellow metal started the year on the positive side. During January gained more than 5% and today is up almost 1%. On Friday, it posted the first weekly close above the 20-WMA since October.

    The chart continues to show Momentum supporting the upside, but the price needs to make a clear break from the $1125 area, that capped the recovery during January.
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