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Gold: Profit taking pushes prices below hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The bulls have loosened their grip around gold, making way for a technical correction/profit taking. Prices currently trade below hourly 50-MA at USD 1189.38 levels.

    Eyes Yellen testimony

    The main event for the day for yellow metal is the Yellen’s testimony on the economy before congressional committees today and tomorrow. Comments on whether the Fed will still be considering a rate hike at its March meeting is what gold traders would be interested in hearing.

    Profit taking may continue ahead of Yellen’s testimony if the equity markets and the USD index remain calm.

    Gold Technical Levels

    The immediate resistance is seen at 1200, above which prices could target 1205.80 (June 18 high). On the other hand, a break below 1183.00 (Oct 28 high) would expose 1174.50 (previous day’s high).
    For more information, read our latest forex news.

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