Gold: Love-Fest with 200-DMA continues

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold prices consolidated around its 200-DMA located at USD 1175.61/Oz levels, after swinging on both sides earlier today.

    Supported by hourly 200-MA

    The prices bounced-off from its hourly 200-MA located at USD 1173.60/Oz levels as the stock markets in Europe turned lower, thereby pushing the US index futures in red. However, the metal is having a tough time extending gains above 200-DMA, which also coincides with the hourly 100-MA located at around USD 1176/Oz levels.

    Ahead in the day, the metal could take hints from the sentiment on the Wall Street.

    Gold Technical Levels

    The immediate resistance is located at 1176.63 (hourly 50-MA), above which the prices could extend gains to 1181 (Oct 20 high). On the other side, a break below hourly 200-MA at 1173.60 would expose 1170.0 (strong resistance earlier this month). A break below the same may lead to a sell-off to 1150.00.
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