Gold offered near hourly 50-MA again

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - A quick fire jump in Gold prices ran out steam again as it neared the hourly 50-MA at USD 1068 leading to a double top formation on the 15-minute charts.

    Gold under pressure, Treasury yields rise

    The metal came under pressure as the treasury yields rose following the release of the upbeat monthly CPI figure in the US. A better-than-expected headline figure and an uptick in the core inflation pushed up the 2-year treasury yield by 2.4 basis points.

    Consequently, the metal fell back from the hourly 50-MA to trade around USD 1064 levels. The prices may drop further if the treasury yields continue to harden ahead of the tomorrow’s FOMC rate decision.

    Gold Technical levels

    At USD 1064/Oz, the immediate resistance is seen at 1068.75 (hourly 50-MA), above which the pair could rise to 1071.20 (hourly 200-MA). On the other hand, a break below the support at 1058.41 (daily low) would expose 1046.18 (Dec 3 low).
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