Gold jumps to fresh 2-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Gold prices continue its upward trajectory for the fourth consecutive session on Wednesday, reaching fresh two-week highs above 1151 levels.

    Gold wavers around 1150 mark

    Currently, gold trades 0.35% higher at 1150.40, easing-off fresh two-week highs scored at 1151.50 in last minutes. Gold extends its bullish momentum, despite higher Asian equities, as the bullion continues to benefit from the recent series of downbeat US data which further points to reduced chances of the Fed rate hike this year.

    Moreover, lowered global growth outlook by IMF for the second time this year on Tuesday, also continues to underpin the yellow metal prices.

    Later in the day, the prices will be influenced by the broader market sentiment amid a data-dry US calendar today.

    Gold Technical Levels

    The metal has an immediate resistance at 1155.90 (Sept 24 High) and 1163.20 (200-DMA) levels. Meanwhile, support stands at 1146.39 (Hourly 20-SMA) levels below which doors could open for 1139.92 (Hourly 50-SMA) levels.
    For more information, read our latest forex news.

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