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Gold offered again at 23.6% Fibo level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold was offered again at USD 1212 (23.6% of Dec low-Feb high) levels after the European stock markets advanced on optimism the major oil producers may freeze production and support oil prices.

    Eyes hourly 200-MA

    Prices trimmed gains are now eyeing the hourly 200-MA located at USD 1201.40. The safe haven demand for the metal dropped after the European stocks strengthened. Euro Stoxx 50 index currently trades almost 1% higher.

    The prices could continue to track movement in the European stocks ahead of the Fed minutes release. The inverse correlation between gold and treasury yields could strengthen as well ahead of the Fed minutes.

    Gold Technical Levels

    The immediate hurdle is seen at 1212 (23.6% of Dec low-Feb high), above which the prices could test 1224.23 (Apr 6 high). On the other hand, a breakdown of immediate support at 1200 could send prices back to 1191.57 (Oct 15 high).
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