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Gold: Hourly 100-MA a tough nut to crack

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The yellow metal has had a hard time taking out the hourly 100-MA at USD 1067.70 throughout the European session and has slipped lower to USD 1065 levels in the early US session.

    Eyes US data

    The upside in the metal has repeatedly run out steam around the hourly 100-MA in Europe on account of the uptick in the USD index.

    The metal traders await the US weekly labor data, which is expected to show the initial jobless claims dropped to 275K in the week ended Dec 11 from the previous week’s figure of 282K. The Phily Fed manufacturing index and the employment sub index could influence the metal as well.

    Gold Technical Levels

    The immediate resistance is seen at 1067.70 (hourly 100-MA), above which the gains could be extended to 1080.48 (23.6% of Oct high- Dec low). A break below 1058.41 (Dec 15 low), would open doors for a drop to 1050.50 (Dec 2 low).
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