Gold recovers to hourly 100-MA after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Moderate weakness in the US dollar following a dismal US retail sales release saw gold prices recovery to hourly 100-MA level of $1247.50.

    Trades above 50% Fibo

    Prices rose to $1248.89 before falling back to trade just above $1245.37 (50% of 1283-1207.69). Metal recovered as dollar suffered losses after official data in the US showed retail sales unexpectedly dropped 0.3% in March.

    However, core figure stayed in the positive territory, while previous month’s reading was revised higher as well. That seems to have offered support to USD and capped gains in the metal.

    Gold Technical Levels

    The immediate resistance is seen at $1247.51, above which prices could target $1254.41 (61.8% of 1283-1207.69). On the other hand, a break below $1245.37 (50% of 1283-1207.69) would expose support at $1240 (daily low).
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