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Gold ignores Lockhart’s comments, stays above USD 1150/Oz

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices remained resilient around USD 1154/Oz as the investors ignored the Fed’s Lockhart hawkish comments.

    No liftoff this year?

    Fed’s Lockhart was on the wires trying to talk up the 2015 rate hike bets, however, markets do not seem to buy his comments. Moreover, the fed funds futures data already indicate a very low probability of the rate hike in 2015. Consequently, the metal stayed resilient to Lockhart’s hawkish comments.

    Meanwhile, the US stocks have opened on a positive note following the rally in the Asian and European equity markets. The weakness in the USD index also remains intact, which provides little scope for the bears to push the metal lower.

    Gold Technical Levels

    At USD 1154/Oz, the immediate resistance is seen at 1156.70 (Sept 24 high), followed by a major hurdle at 1169.99 (Aug 24 high) and 1200 levels. On the downside, a break below 100-DMA at 1143.25 would expose 1132.90 (Nov 2014 low) and 1121.50 (50-DMA).
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