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Gold jumps from four-day high to 1-1/2 week high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold prices hit four-day high in early US session and extended gains to 1-1/2 week high of $1246 levels on the back of USD selling and risk-off in the US equity index futures.

    USD index trims gains, supports gold

    The US desks offered the greenback, courtesy of which the USD index dropped from the daily high of 97.92 to trade around 97.70 levels. The decline helped gold to push to a fresh session high of $1246. Furthermore, the safe haven demand for the metal stays intact on account of a 1% drop seen in the S&P 500 futures.

    Action on Wall Street could continue to impact the metal. Meanwhile, the US services PMI and new home sales number could affect USD and thereby influence the yellow metal as well.

    Gold Technical Levels

    The immediate resistance is seen at 1246.13 (Feb 12 high), above which prices could rise to 1263.37 (Feb 11 high). On the other hand, a break below 1220.23 (hourly 100-MA) would expose 1212 (23.6% of Dec low-Feb high).
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