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Gold hovers near 13-month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold remained on demand, with spot edging slightly higher on Monday, despite stocks advanced and better risk sentiment tempered the metal’s appeal.

    However, the metal remained near 13-month highs scored last Friday and trades just below $1,270.00 an ounce by the end of the New York session.

    Investors have continued to assess Friday’s US jobs report for February, which showed average hourly earnings fell by 0.1%, marking their first monthly decline in more than a year. Federal Reserve will decide on monetary policy next Thursday, and has reiterated the decision will be data dependent.

    Gold technical view

    “Spot's daily chart shows that the price is well above a still bullish 20 SMA, while the Momentum indicator aims higher after a limited downward move within bullish territory, still lacking enough strength to confirm additional advances. In the same chart, the RSI indicator stands flat around 70,” said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart shows that the 20 SMA has advanced further below the current level, providing a strong dynamic support around 1,256.20, although the technical indicators retreated from their highs, also lacking enough strength to support an upcoming rally.”

    Support levels: 1,256.20 1,242.50 1,234.90. Resistance levels: 1,271.80 1,279.75 1,286.90.
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