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Gold jumps to USD 1070, up 2%

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Gold prices have been moving with an upside bias since yesterday’s American session, recovering after reaching a 2-week low at USD 1046. From there it started to rise and during the last two hours it rose more than USD 10, favored by a decline of the US dollar in the currency market.

    It printed a fresh daily high at 1071.00/oz and currently it trades at 1068.00/oz. The yellow metal erased Thursday's losses and is near the level it had at the beginning of the week.

    Testing import resistance


    Gold is again testing a downtrend line originated at December highs. A consolidation on top of USD 1072.00 could open the doors for more gains. So far, price has been unable to break the mentioned dynamic resistance.

    On the opposite direction, the bullish momentum could ease if price falls below 1057.00 where an intraday uptrend line and the 20-hour MA currently stand.
    For more information, read our latest forex news.
     

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