Gold regains poise on risk-off in equities

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Gold prices are on the rise again, trading 0.70% higher on the day around $1230/Oz levels on account of the risk aversion in the Asian equities.

    Eyes European stock market action

    The metal remains at the mercy of the equity market sentiment in Europe. Stock markets in Asia retreated after a weekend meeting of G20 policymakers ended with no new coordinated action to spur global growth.

    However, the upside is being capped around the hourly 100-MA at $1230/Oz as an upbeat US data released over the last week has increased odds of a Fed rate hike this year.

    Gold Technical Levels

    The immediate resistance is seen at 1243.14 (Feb 25 high), above which the gains could be extended to 1253.32 (Feb 24 high). On the other hand, a breakdown of 1212 (23.6% of Dec low-Feb high) could see the prices test 1200 levels.
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