Gold jumps to USD 1080 after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold clocked a session high of USD 1080/Oz levels after the US Q3 GDP was revised higher to 2.1% as expected by the markets.

    Trims gains, but near highs

    Prices trimmed gains to trade around USD 1077/Oz, but appear to find support from the USD index, which weakened 0.20% on profit taking following the GDP report. Meanwhile, the Treasury yields have dropped as well with the 10-yr trading more than 3bps lower. The more policy sensitive 2-yr yield also fell almost 3bps.

    Next on the cards is the US consumer confidence figure. The sentiment on the Wall Street could also influence the metal. At the moment, the index futures are pointing to a moderately weak opening.

    Gold Technical Levels

    The immediate resistance is seen at 1080 (daily high), above which prices could target 1092.64 (5-WMA). On the other side, support is seen at 1072.73 (hourly 50-MA) and 1063 (Nov 18 low).
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