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Gold hovers around weekly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Gold is on the rise again, trading above the weekly 50-MA located at USD 1142/Oz levels despite the moderate uptick in the USD index and uptick in the Asian equity markets.

    Will it break above weekly 50-MA?

    Prices have failed to see a weekly closing at least on three occasions since mid-May 2015. The metal may see a bullish break this week if the US non-farm payrolls miss estimates by a big margin. Furthermore, the risk-off in equities could also help prices take out weekly 50-Ma on closing basis.

    As for today, the metal could take cues from the action in the USD index and the equity markets sentiment.

    Gold Technical Levels

    The immediate resistance is seen at 1145.55 (previous day’s high), above which the prices could target 1157.22 (76.4% of Oct high-Dec low). On the other hand, a repeated failure to sustain above 1142 (weekly 50-MA) would open doors for a drop to 1136 (61.8% of Oct high – Dec low).
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