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Gold ignores risk aversion, drops to 5-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The buying interest in Gold dropped despite risk aversion in the equity markets across Europe and US. Prices fell to a session low of $1145.54/Oz levels.

    Hovers around 5-DMA

    Prices currently trade around $1147.60 (5-DMA) levels. The major European equity markets were down more than 1% earlier today and the US indices have opened lower as well. However, prices failed to capitalize on the risk-off and fell back from the session high of $1161.03 levels.

    Nevertheless, the yellow metal remains on a positive footing, with the latest decline being blamed on chart driven factors – technical correction.

    Gold Technical Levels

    The immediate support is seen at 1138.58 (hourly 200-MA) - 1135.73 (10-DMA), under which the metal could drop to 1127.24 (Mar 2 low). On the other hand, a break above 1149.07 (hourly 50-MA) could open doors for a re-test of 1156.89 (Mar 3 high).
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