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Gold: Hourly 50-MA remains a strong support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    A quick jump in gold prices in US session to USD 1226 ran out of steam and the prices fell back to the key support of the hourly 50-MA seen at 1217 levels.

    Hourly 50-MA is a strong support

    The hourly 50-MA has acted as a strong support since early European session. However, the numerous attempts to rally from the hourly 50-MA have run out steam above USD 1220 levels. Nevertheless, prices have managed to stay above hourly 50-MA even though oil prices turned positive.

    Meanwhile, the recovery in the USD index from the daily lows could weigh over the metal. The focus now is on the US stocks.

    Gold Technical Levels

    The immediate resistance is seen at 1226 (daily high), above which the prices could test 1234.53 (Feb 19 high). On the other hand, a breakdown of immediate support at 1212 (23.6% of Dec low-Feb high) would open doors for a slide to 1200 levels.
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