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Gold nears hourly 200-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices fell in Asia and extended losses in early Europe to trade near the hourly 200-MA located at USD 1090 levels.

    Rejected at hourly 50-MA

    Prices failed to take out the hourly 50-MA located at USD 1094 levels in Asia. The three-day losing streak that began on Friday ran out of steam on Wednesday as the metal bounced-off USD 1080.48 (38.2% of Oct high-Dec low) to end the day higher at USD 1095.

    Ahead in the day, metal could track the movement in the major European equities and the USD index. At the moment, the USD index is trading largely unchanged at 99.00 levels.

    Gold Technical Levels

    At USD 1090.50/Oz, the metal could find immediate support at 1090 (hourly 200-MA), under which the prices could test 1080.48 (38.2% of Oct high-Dec low). On the other hand, a break above 1094 (hourly 50-MA) could see the metal test 1100 levels.
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