Gold hovers around hourly 100-MA, awaits European opening bell

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Gold prices are trading around their hourly 100-MA 1216 as investors wait to see if European stocks follow oil and Asian equities lower.

    Focus on oil

    The demand for the safe haven metal is likely to be determined by the oil price gyrations and the action in the equity markets. The sentiment turned soured in Asia on account of a more than 1.5% drop in oil benchmarks.

    Consequently, the metal rose to a high of USD 1223 before trimming gains to trade around USD 1216 levels. The bid tone around the metal may gather pace again if the risk-off mood strengthens in Europe.

    Gold Technical Levels

    The immediate resistance is seen at 1223 (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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